NexWafe raises €10 million in a new Series B round of funding

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NexWafe has raised €10 million in a new Series B round of funding from some of its previous backers as well as new investors as the company moves to another pilot production phase. Image: NexWafe

Fraunhofer ISE spin-off NexWafe has raised €10 million in a new Series B round of funding as the company moves to another pilot production phase.

NexWafe produces high-efficiency monocrystalline n-type wafers that are grown directly (Epitaxy) from chlorosilane and are made kerfless, unlike p and n-type monocrystalline wafers. Emphasis is now being placed on next-generation ultra-thin and tandem solar cell architectures that its wafers can be used for. 

Investors in the latest Series B round of funding has included Fraunhofer ISE and Saudi Aramco Energy Ventures, which were investors in the previous round in early 2019. New investors included GAP Technology Holding, Lynwood Schweiz AG and Bantina Invest Limited.

Meanwhile the start-up also announced that Peter Pauli would step down as chairman of the board of directors to devote more time to other commitments, but would continue as a shareholder.

“Helping to lead NexWafe on its transition from an academic spin-off to its emergence as a technology product company was a great honor,” noted Pauli. “NexWafe’s EpiNex wafers are a key element of the future solar market, as the industry strives to meet expectations in terms of costs and PV efficiency.”

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