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Individual GaAs nanowires can function as low cost solar cells

Industrifonden is banking on solar cell company Sol Voltaic’s gallium arsenide based nanowire solar cells to bring in the money.

Swedish cleantech investor Industrifonden is providing over £1.8 million to Sol Voltaics, which is developing what it says is a new type of material that can significantly reduce the cost of producing electricity from solar cells. The new share issue total over £3.97 million and the money will be used to further develop the company’s products.

Sol Voltaics is developing a new material and production method to manufacture solar cells which involves quickly fabricating nanowire from GaAs, where every wire functions as a solar cell.

GaAs has long been considered the best material for producing solar cells, but to date has been too expensive to use. Sol Voltaics says it has now developed a method that radically reduces the cost.

“Sol Voltaics has an opportunity to offer the market the world’s most inexpensive solar cells, providing solar cell manufacturers and users with greater value, higher efficiency and increased production at a lower cost,” says Stefan Jakélius, Investment Manager at Industrifonden.

“The market for solar cells is large and global and is practically bursting at the seams, especially in Germany, where the decision to phase out nuclear power could give solar cells an additional boost.”

Founded in 2008, Sol Voltaics originated from nanotechnology research at Lund University. The company is still in the development stage, but will now intensify its development work and win its first customers.

“We are very pleased to have Industrifonden as an investor,” says Sol Voltaic CEO Bo Pedersen. “They are Sweden’s leading cleantech investor and have extensive experience in our area. With Industrifonden we now have a financially strong, knowledgeable investor that can help us to shift our expansion into higher gear.” 
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