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 qualifications.
"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".
