Sol Voltaics raises $21.3M, looks for commercialization of its solar products.

Norway Sweden Investments 06 July 2017
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Sol Voltaics, a Lund, Sweden-based startup working on a new solar energy technology, announced raising a funding round of $21.3M.

The backers include the existing investors - FAM, Industrifonden, Kagra, Teknoinvest or Nano Future Invest - as well as new ones, such as Watrium.

Sol Voltaics was founded in 2008 by nanotechnology expert Lars Samuelson as a spinoff of QuNano AB, a company created to commercialize research from Lund University.

The company, led by CEO Erik Smith, has been working on developing products that helps solar manufacturers with a low-cost, drop-in solution which aims to increase conventional solar panel efficiencies by up to 50%.

The new investment will be used to accelerate commercialization and take the products to market. Prior to this transaction, Sol Voltaics raised $17M in 2016, out of which $4.5M in grants and the rest in private equity.