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PV equipment start-up, Nines Photovoltaics, has raised €750,000 to further develop and build its dry etching silicon wafer tool. The Dublin, Ireland-based firm started operations in 2010 and has been collaborating with the Fraunhofer ISE, with plans for the tool to be validated at its pilot production line. The company has raised to date to over €2.5 million, including €1.2 million through FP7 European Funding, which was announced in June 2011. The new funding will also be used to recruit additional staff, according to the company.
“Our investors have seen the opportunity that this consolidation phase presents for our core proposition,” commented Simon Forsyth, CFO, Nines Photovoltaics. “Industry wide there has been a change of focus away from investment in production capacity to investment in technologies that result in cost reduction and increased cell efficiencies. This shift in focus is critical if cell manufacturers are to have an edge in this highly competitive market and our technology offers this advantage.”
“We are innovating in a truly global market with enormous potential and are planning to export 100% of our products. We plan to equip our first production lines in Q4 2012 whilst working with Photovoltaic manufacturers across the globe,” added Edward Duffy, CEO, Nines Photovoltaics.
The latest funding round was supported and led by Irish cleantech investor, Simple.ie, through its Green Employment & Investment Incentive (EII) Fund and was again supported by a number of key private investors including the Irish State via Enterprise Ireland. Nines Photovoltaics is based in the Synergy Centre on the Tallaght IT Campus.
