Germany-based solar film developer Heliatek has received €15m ($17.6m) in funding from investors including chemicals producer BASF, energy utility Engie and Innogy, the renewables arm of energy supplier RWE.
The round also featured Innogy Venture Capital, the strategic investment fund sponsored by Innogy and energy asset manager Conetwork Erneuerbare Energien (CEE), as well as BNP Paribas, Aqton, eCapital, Wellington Partners and unnamed family offices from Asia and Germany.
Heliatek has developed an ultra-thin and flexible solar photovoltaic film called HeliaFilm that can produce energy when mounted on the roofs or facades of buildings. The technology, still largely used on commercial structures, will also have applications in the automotive segment.
The proceeds from the round, described by Heliatek as an extension to the $46m in series D equity funding it secured in September 2016, will support the ongoing development and the commercialisation of the company’s technology.
Innogy led the September funding, investing alongside Engie, BASF, Innogy Venture Capital, BNP Paribas, Aqton, eCapital, CEE, Wellington Partners, High-Tech Gründerfonds (HTGF) and Tudag, an investment affiliate of university TU Dresden.
European Investment Bank’s InnovFin scheme provided $22.3m in debt financing alongside the series D equity portion, while the German state of Saxony’s KETs Pilot Lines program agreed a grant of up to $20m. It took Heliatek’s total financing to about $160m.
Corporate venturing units RWE Innogy Ventures and BASF Venture Capital both participated in a $27m round closed by Heliatek in 2009 that included industrial product and appliance producer Robert Bosch and Wellington Partners.
Aqton subsequently led the company’s $22.5m series C round in 2014, investing together with BASF, Innogy Venture Capital, Robert Bosch, HTGF, Wellington Partners, eCapital and Technologiegruenderfonds Sachsen (TGFS).