Swedish Algae Factory raised SEK 5.2M for an alternative solar energy solution.

Swedish Algae Factory, a Gothenburg, Sweden-based startup which uses algae for providing a solar energy solution, announced raising SEK 5.2M ($590k). The money comes as a SEK 3.5M equity investment from Chalmers, Almi Invest and KIC InnoEnergy and as a SEK 1.7M grant from the Swedish Energy Agency.

Swedish Algae Factory, founded in 2014 and led by CEO Sofie Allert, has developed an alternative energy solution which extracts a nano-porous material from algae that make solar cells more efficient. The company has its origins in professor and co-founder Angela Wulff's research on silicon algae shell, which proved to have a unique ability to capture light.

The money raised will be used to validate the concept with solar distributors and electricity companies, and initiate the commercialization of the technology.