Eight19, a UK-based developer of solar panels, as attracted £1m ($1.6m) from commercialisation investor IP Group and existing investors.
The Cambridge University spin-out is developing low cost, flexible, and lightweight solar panels which can be produced in high volumes. The funding will help Eight19 bring its organic photovoltaics (OPV) technology closer to market, where it expects to find a niche in providing affordable power solutions to off grid consumer and industrial clients.
Existing backers include research and development firm Solvay and UK-based cleantech investor Carbon Trust, both of which participated in a 2010 round into Eight19 worth £4.5m.
Chris Harris, chairman of Eight19, commented: “We are naturally delighted at the support shown by IP Group and our existing investors who share our view of the market potential for OPV and the strength of our proprietary technology. The additional financing will allow us to accelerate development of our manufacturing process technology, as well as to better support our customers by strengthening our commercial organisation.”
