The German producer of silicon wafers NexWave closes a €10M Series B round
NexWafe, a company that produces high-efficiency monocrystalline silicon wafers used by solar panel manufacturers, announced it has raised €10 million in a Series B round of funding. Investors include Fraunhofer, Saudi Aramco Energy Ventures, GAP Technology Holding, Lynwood Schweiz AG and Bantina Invest Limited.
NexWafe is a spinoff from Fraunhofer Institute for Solar Energy Systems ISE, founded by Frank Siebke, Kai Schillinger, Roy Segev, and Stefan Reber. Since 2015 it has been developing green high-efficiency solar wafer technology. Its product Epinex™ is fully compatible with conventional solar cell and module manufacturing with a 70% reduction in the carbon footprint of conventional wafers and at reduced production cost by 30%.
The fresh funds will be invested in further industrialization of NexWafe’s technology and commercialization, the negotiations of which have already started with potential partners. The company also plans to launch pilot manufacturing activities in 2021.