Japanese solar cell developer EneCoat Technologies has raised JPY5.5 billion (US$35 million) in Series C financing to support research into perovskite solar cells.
The latest round of finance comes from Japanese fund Woven Capital, Japanese energy firm Inpex and Mitsubishi HC Capital. Existing investors Mirai Creation Fund III and Kyoto University Innovation Capital also participated in the round, bringing the total investment in the company up to JPY8 billion (US$51 million).
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EneCoat plans to use the funds to build a new production facility, and “progress” its perovskite technology. The company has already developed a perovskite cell with a power conversion efficiency of 25.7%, and has signed a number of agreements to deploy its cells in specialised environments, such as a deal with Toyota to supply its cars with small solar cells, and an agreement with the Tokyo Metropolitan Government to deploy cells in carbon dioxide sensor terminals inside government buildings.
While the company did not specify how the latest round of funding would be used in relation to these initiatives, EneCoat has previously noted that it expects to begin commercial production of perovskite cells for use in sensors and wearable devices by the end of this year.
“EneCoat is well-positioned to advance perovskite cell technology as the market alternative to silicon-based cells, which offers tremendous strategic value to Japan and practical benefits for a range of applications,” said Michiko Kato, a partner at Woven Capital who joined the EneCoat board of directors as part of the fund’s investment.
“EneCoat’s commitment to transforming energy infrastructure, reducing reliance on traditional power sources, aligns with our vision for a sustainable future. We look forward to being a part of this transformative journey.”
Cell developers have invested in new perovskite projects considerably in recent months, with both Chinese giant LONGi and UK-based Oxford PV unveiling new perovskite cells last month. The US Department of Energy has also completed research into a new hybrid polymer that could limit the degradation of perovskite cells, which could be a key step towards deploying perovskite cells on a commercial scale.
