Eight19 secures £1.3m funding to cash in on new solar IP
Eight19, the Cambridge-based world leader in energy harvesting solutions powered by flexible organic photovoltaics (OPV), has received a further £1.3 million of investment.
Lucros Investment (Netherlands) joined existing investors IP Group, Clarium and Providence in the round.
The new investment follows two years of continued improvement in OPV performance, advances in manufacturing readiness and an increased engagement with customers in the retail, FMCG and IoT sectors.
Claudio Marinelli, general manager and VP business development, said: “We are delighted to have secured the additional funding, which will allow Eight19 to accelerate commercial engagement with customers through the delivery of complete energy autonomous solutions utilising our flexible OPV.
“The funding will also enable the company to accelerate the commercialisation of a recent technology breakthrough at the Cavendish Laboratory, Cambridge University that could enhance the efficiency of conventional silicon solar panels by up to one quarter.”
Nick Stokman, investment manager at Lucros, who joins the board added: “Based on our experience in the renewable energy market we believe that Eight19’s commercialisation expertise in thin film manufacturing, coupled with the ground-breaking photophysics innovation from Sir Richard Friend’s group at the Cavendish Laboratory, can deliver a very exciting and disruptive product in the field of photovoltaics renewable energy.”
Robert Trezona, head of Cleantech at IP Group said: “We are excited by the progress Eight19 is making with commercialisation of their OPV business. Their work with Cambridge University on thin film technology to enhance the performance of conventional silicon solar panels is highly innovative and has huge business potential.”