Sweden-based perovskite-based PV start-up Evolar has announced an investment from Norwegian renewables investor Magnora as it targets rapid commercialization of its technology.
Evolar has been researching the development of perovskites in solar cells, and Evolar now intends to help commercialize the technology. Evolar’s approach is to add a perovskite-based thin-film layer to cells to create a tandem solar cell, which the company said is expected to increase module efficiency by five percentage points.
Evolar owns R&D prototype line equipment that allows the team to scale and test solar cells and modules, helping shorten time-to-market for new development by as much as three years.
The company now plans to collaborate with mainstream module manufacturers to test and scale the technology, eventually generating revenues through design, engineering, software and royalties.
Funds raised through the share issue are to be used to scale Evolar’s technology and increase its throughput.
Erik Sneve, CEO at Magnora, said the opportunity that perovskites possess represent a “strategic inflection point for the solar industry”.
Magnora will firstly take a 28.44% stake in Evolar for an undisclosed, all-cash consideration that includes options to acquire a stake of up to 63.5% of the company under a milestone development plan.