Dresden and Ulm universities spin-out Heliatek closed its series C round.
Heliatek, a Germany-based manufacturer of organic solar film, has secured €18m ($22.5m) in a series C round led by Aqton Se, the investment holding company of German entrepreneur Stefan Quandt.
It also included existing investors Bosch, BASF, Innogy Venture Capital (the investment arm of energy supplier RWE), Wellington Partners, eCapital, High-Tech Gründerfonds and Technologiegründerfonds Sachsen. The company’s total funding now stands at €46m ($57m).
The news reaches us via our sister publication Global Corporate Venturing.
Heliatek was spun out of Ulm University and Dresden University of Technology in 2006. Its lead product, HeliaFilms, is an organic solar film which it produces in a roll-to-roll process. The spin-out holds the world record of 12% efficiency for opaque organic solar cells.
The new investment will be used to expand its sales efforts and further improve commercialisation of the technology.
Thibaud Le Seguillon, chief executive of Heliatek, said: “This fresh money will help us to reach our set of operational and sales goals until 2016, including the introduction of transparent HeliaFilm in production by the middle of next year.”
