News Article

NEXWAFE Closes EUR 8 Million Financing


NexWafe GmbH, a spinoff from the Fraunhofer ISE
commercializing breakthrough technology for epitaxial fabrication of silicon
wafers for photovoltaics, announced the completion of Euro 8 million financing.
The round was led by Saudi Aramco Energy Ventures (SAEV) and included Green
Gateway Fund 2 (GGF2) advised by Wermuth Asset Management GmbH (WAM) and
existing investor Lynwood (Schweiz) AG. Funds will be used for the commissioning
of NexWafe's 5MW wafer production line in Freiburg, and for initial customer

"NexWafe's technology provides superior quality
monocrystalline wafers that are a drop-in replacement for current products, at
dramatically reduced cost and with fewer processing steps and lower energy
consumption," said Bruce Niven, Chief Investment Officer of SAEV. "We are
excited to be leading this investment into NexWafe at a time when the
photovoltaic market continues to expand and with the Middle East region poised
for accelerating growth in renewables deployment".

Dr. Claas Helmke, Growth Partner of GGF2 commented, "We have
been looking at and investing into solar technology since 1999, and this
investment is one of the most exciting opportunities we have come across, both
in technical and economic terms. We expect this investment to deliver
outstanding financial returns and major positive impact on the environment".

"We are extremely excited to have SAEV and GGF2 joining us
in transforming the silicon wafer business into a new era, within the rapidly
growing photovoltaic industry" said Marina Groenberg, CEO of Lynwood. Prof.
Eicke R. Weber, Chairman of NexWafe's Board added, "In addition to its economic
advantage, our EpiWafer has superior qualities which can't be reached with
current fabrication technologies".

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