Solar cell developer Solar Junction completed its series D round on Monday, having raised $19.2m from existing investors, with semiconductor wafer producer IQE among the backers. The partnership is also strategic, as Solar Junction was seeking a partner to help it increase its record figure of 43.5% fuel efficiency in a solar cell.
Existing investors include venture capital firms New Enterprise Associates, Advanced Technology Ventures and Draper Fisher Jurvetson. The latest funding round takes Solar Junction’s overall financing to $54.5m.
Drew Nelson, chief executive officer of IQE, said: "A combination of Solar Junction’s core materials, IP and technology, together with our own IP and manufacturing capabilities, provides a compelling route to significantly higher cell efficiency and cost effective, high volume production."