NexWafe GmbH, a silicon solar wafer manufacturer from Germany, has raised an additional €7 million which helps it achieve closure for its Series C investment round having raised a total of €39 million that it will use for technology development.
The 2nd close of the round is led by one of Germany's largest family offices, according to the company that did not identify the same, however added that this phase brings to it Ecosummit, an investment group that advises smart green startups on fundraising and strategy.
Back in October 2021, it announced India's Reliance New Energy Solar Limited (RNESL) as the strategic lead investor with €25 million for the Series C financing round under phase I (see Strategic Investment For German Wafer Producer).
NexWafe repeated that proceeds of this round will be invested to complete product and technology development of its solar PV products on prototype lines in Freiburg, Germany.
"NexWafe is accelerating the renewable energy transition with more efficient, lower cost, greener solar wafer technology for photovoltaic manufacturers globally, including strategic partners committed to gigawatt scale implementation of NexWafe epitaxial wafer production," said CEO of NexWafe, Davor Sutija.
A spin-off from the Fraunhofer Institute for Solar Energy Systems (Fraunhofer ISE), NexWafe plans to commercialize its patented wafer manufacturing solution of developing monocrystalline silicon wafers directly from inexpensive raw materials, which will bring down use of electricity and lower production time.
In February 2021, NexWafe completed a €10 million capital raise to push for further industrialization of its EpiNex solar wafer technology (see NexWafe Raises €10 Million For Production Activities).