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PV Nano Cell raises $3.65M

Geektime, August 22, 2013

The company has developed a unique printing conductive ink using inkjet printers, lowering the production cost of solar cells, screens, sensors and other electronic components

 

Israeli startup PV Nano Cell, developer and manufacturer of components that allow for printing of nanometer materials to be used in semiconductor solar cells and electronic components, announced the completion of a funding round valued at $3.65M. The company will invest the money in further R&D of their ink product.

PV Nano was founded in early 2010 by Fernando de la Vega and Eli Klein – Klein now inactive and serving only in a shareholder capacity at this time. Currently, the company is in the advanced stages of establishing a subsidiary in China at a setup cost of $8M, whose purpose it will be to inject the ink being developed by PV Nano Cell into products developed by Chinese electronic manufacturers. The company is located in Migdal Haemek and employs nine people.

Ink that allows printing of electronic circuits for inkjet printer

PV Nano Cell’s product is actually a unique ink that allows for the printing of conductive materials using inkjet printers, the type of printers usually only meant for printing graphics. Just as an example, one way this new ink can be used is in the printing of conductive lines on the top of solar cells. Using a standard inkjet printer to print on solar cells brings down the costs of solar cell production significantly.

Thanks to an additional development of the company, $8/kilo of copper-based ink can now be used for conductive printing instead of silver, usually running at a cost of around $100/kilo.The company also works on ink for printing sensors that measure temperature and pressure.

Between investing: Ministry of the Chief Scientist

Participating in the current round are: The China based investment bank Infinity IP Bank, who identify innovative cleantech companies that have the potential to penetrate the Chinese market. IP invested $1.5M in PV Nano Cell. Israel Electric, Israel’s national electric company who put down $800K. One of the partners in Slobel Nv Belgian who contributing $500K. And finally, Israeli venture capital fund Terra VP, focusing primarily on cleantech and energy companies, invested $850K.

This is not the first time Terra VP is finding themselves investing in PV Nano Cell, having already invested $1M in the company’s first round of investment in addition to a further $1M from Israel’s Office of the Chief Scientist. The current funding round puts the total funds raised by PV Nano at around $5.6M.

CEO Fernando de la Vega said: “The company has attracted great interest among investors and potential customers, partly because printing inks of this kind allows for a significant reduction in production costs while increasing the efficiency of printing. So far we concentrated on the photovoltaic cells market but we intend to continue to expand by implementing technologies for other applications such as printing on various kinds of electronic devices.”

Photo credit: Shutterstock , Shutterstock

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