Renewables investor Magnora AG recently announced that it will increase its investment in perovskite solar developer Evolar, taking a 40.7% stake in the company.

Mats Ljunggren, Evolar’s chief executive, said the company’s next-generation solar cells have “Much higher efficiency for about the same per-watt manufacturing cost” as traditional technologies.

The Norwegian investor first bought a 28.44% stake in Evolar last November in a deal that included options to acquire up to 63.5% of the company at a later date. The startup, which owns R&D prototype equipment to scale and test cells, was spun-out of Uppsala University’s thin film solar cell research cluster in Sweden.

Anders Hagfelt, vice chancellor of Uppsala University and a scientific advisor to Evolar, said that perovskite technology “is ripe for commercialization,” which Evolar hopes to achieve through Magnora’s investment.

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