NexWafe, a Germany-based developer of silicon wafer fabrication technology, closed a €10m ($12m) series B round on Friday featuring Saudi Aramco Energy Ventures, a subsidiary of petroleum producer Saudi Aramco.
Fraunhofer Society’s Institute for Solar Energy Systems also took part, as did Gap Technology Holding, Lynwood Schweiz and Bantina Invest.
Founded in 2015, NexWafe is developing technology facilitating the production of monocrystalline silicon wafers for solar panels capable of delivering a higher efficiency than comparable processes at lower costs.
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.
Fraunhofer and Saudi Aramco Energy Ventures had previously invested an undisclosed amount in the company in early 2019, according to PV-Tech.
NexWafe had raised $9.4m from Saudi Aramco Energy Ventures, Green Gateway Fund 2 and Lynwood in a late 2017 round before utilities operator Gelsenwasser’s research park infrastructure services subsidiary, Chemiepark Bitterfeld-Wolfen, added an undisclosed amount in a 2018 extension.
KIC InnoEnergy had supplied $2.1m for the company in early 2017. Lynwood led its $6.7m series A round in 2016, following an undisclosed amount of seed funding from Fraunhofer Society’s tech transfer arm, Fraunhofer Venture, the previous year.
The original version of this story appeared on our sister site, Global University Venturing.
