NexWafe, a German startup that designs, develops, and pilots a proprietary process to produce ultra-thin, high efficiency, monocrystalline green solar wafers to make photovoltaics more sustainable and efficient.
In a recent development, NexWafe has scored €30 million in funding from its current group of investors, including Reliance New Energy Limited, Aramco Ventures (which invested in Amogy and ANYbotics), and ATHOS Venture GmbH, as well as new investors, including the Honorable Malcolm Turnbull AC and Keshik Capital, led by Alex Turnbull. The company anticipates to raise an additional round of funding in the second half of this year.
NexWafe plans to deploy the funds to accelerate the construction of its first commercial-scale facility in Bitterfeld to fabricate its green solar wafers.
In addition to this investment, NexWafe has agreed to work with Aramco Ventures on a future green solar wafer manufacturing facility in the Kingdom of Saudi Arabia. The collaborative agreement saw participation from the firm’s $1.5 billion Sustainability fund.
Davor Sutija, CEO of NexWafe, commented: “This investment marks the start of NexWafe’s plan to raise substantially larger funds in the second half of 2023. The funds will be used to break ground on NexWafe’s first commercial facility to speed the renewable energy transition with more efficient, lower cost, green solar wafers for the world’s photovoltaic manufacturers.”
One-of-a-kind green solar wafer manufacturing
Founded by Frank Siebke, Kai Schillinger, Stefan Reber, and Roy Segev in 2015. It was spun out from Fraunhofer Institute for Solar Energy Systems ISE and is a member of the Ultra Low-Carbon Solar Alliance, Solar Power Europe, and the European Solar Manufacturing Council.
The company’s unique, patented green solar wafer manufacturing solution simplifies polysilicon production and reduces energy use and production time. This results lowers the production costs for n-type monocrystalline wafers used for the majority of high-performing solar modules.
Furthermore, the company’s novel manufacturing method delivers wafers that are engineered to the requirements of each customer and already achieving parity with commercially available Czochralski (CZ) wafers. Its approach enables solar cell makers to ultimately deliver higher efficiencies.
