Fraunhofer Society has participated in a series B round for its solar wafer technology spinout, which also attracted Saudi Aramco.
NexWafe, a Germany-based silicon wafer fabrication technology spinout of Fraunhofer Society’s Institute for Solar Energy Systems, closed a €10m ($12m) series B round yesterday featuring Fraunhofer itself.
Saudi Aramco Energy Ventures, the corporate venture capital arm of petroleum company Saudi Aramco, also joined the round together with Gap Technology Holding, Lynwood Schweiz and Bantina Invest.
Founded in 2015, NexWafe’s technology allows the production of monocrystalline silicon wafers for solar panels that are capable of delivering a higher efficiency than comparable processes. The approach also allows a reduction in cost.
The technology is compatible with existing production lines without the need to retool and is able to produce ultra-thin wafers. The series B financing will support pilot manufacturing activities and allow NexWafe to pursue potential partnerships.
In conjunction with the round, NexWafe announced chairman Peter Pauli was stepping down to focus on other commitments. He will be…
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
