NexWafe, a Germany-based developer of silicon wafer fabrication technology, closed a €10m ($12m) series B round on Friday featuring Saudi Aramco Energy Ventures, a subsidiary of petroleum producer Saudi Aramco.

Fraunhofer Society’s Institute for Solar Energy Systems also took part, as did Gap Technology Holding, Lynwood Schweiz and Bantina Invest.

Founded in 2015, NexWafe is developing technology facilitating the production of monocrystalline silicon wafers for solar panels capable of delivering a higher efficiency than comparable processes at lower costs.

The technology is compatible with existing production lines without the need to retool, and is able to produce ultra-thin wafers. The series B financing will support pilot manufacturing activities and allow NexWafe to pursue potential partnerships.

Fraunhofer and Saudi Aramco Energy Ventures had previously invested an undisclosed amount in the company in early 2019, according to PV-Tech.

NexWafe had raised $9.4m from Saudi Aramco Energy Ventures, Green Gateway Fund 2 and Lynwood in a late 2017 round before utilities operator Gelsenwasser’s research park infrastructure services subsidiary, Chemiepark Bitterfeld-Wolfen, added an undisclosed amount in a 2018 extension.

KIC InnoEnergy had supplied $2.1m for the company in early 2017. Lynwood led its $6.7m series A round in 2016, following an undisclosed amount of seed funding from Fraunhofer Society’s tech transfer arm, Fraunhofer Venture, the previous year.

The original version of this story appeared on our sister site, Global University Venturing.

NexWafe, a Germany-based silicon wafer fabrication technology spinout of Fraunhofer Society’s Institute for Solar Energy Systems, closed a €10m ($12m) series B round yesterday featuring Fraunhofer itself.
Saudi Aramco Energy Ventures, the corporate venture capital arm of petroleum company Saudi Aramco, also joined the round together with Gap Technology Holding, Lynwood Schweiz and Bantina Invest.
Founded in 2015, NexWafe’s technology allows the production of monocrystalline silicon wafers for solar panels that are capable of delivering a higher efficiency than comparable processes. The approach also allows a reduction in cost.
The technology is compatible with existing production lines without the need to retool and is able to produce ultra-thin wafers. The series B financing will support pilot manufacturing activities and allow NexWafe to pursue potential partnerships.
In conjunction with the round, NexWafe announced chairman Peter Pauli was stepping down to focus on other commitments. He will be replaced by current board member Bart Markus, chief executive of Gap Technology Holding and also chairman of First Light Fusion, a nuclear fusion technology spinout of University of Oxford.
Fraunhofer and Saudi Aramco Energy Ventures previously invested an undisclosed amount in early 2019, according to PV-Tech.
NexWafe previously raised $9.4m in a late 2017 round led by Saudi Aramco Energy Ventures, with participation from Green Gateway Fund 2 and Lynwood. Utility company Gelsenwasser’s research park infrastructure services subsidiary Chemiepark Bitterfeld-Wolfen added an undisclosed amount in a 2018 extension.
KIC InnoEnergy had supplied $2.1m in funding in early 2017. Lynwood led a $6.7m series A round in 2016, following a seed round of undisclosed size from Fraunhofer Society’s tech transfer arm Fraunhofer Venture in 2015.