- NexWafe said it had also agreed to work with Saudi Arabia’s Aramco Ventures on a future green solar wafer manufacturing facility in Saudi Arabia.
- German solar wafer producer NexWafe said on Wednesday it had raised 30 million euros ($33.02 million) in additional funding to accelerate the construction of its first commercial plant.
Today, German solar wafer producer NexWafe said it had raised 30 million euros ($33.02 million) in additional funding to accelerate the construction of its first commercial plant. NexWafe is one of several German solar hardware start-ups that have emerged recently as Germany aims to produce 80% of its electricity from solar and wind power by 2030.
Once the world’s leader in installed solar power capacity, Germany wants to revive its solar panel industry and cut its dependency on Chinese renewables technology. NexWafe, which aims to produce ultra-thin, highly efficient, monocrystalline green solar wafers, said it had raised 100 million euros so far and expects additional funding in the second half of this year.
The money will accelerate the construction of the company’s first commercial-scale facility in the eastern town of Bitterfeld, scheduled to start production in 2025, with 250 megawatts of capacity per year. Nexwafe Chief Executive Davor Sutija said, “This investment marks the start of NexWafe’s plan to raise substantially larger funds in the second half of 2023.”
The new funds will be through a convertible loan agreement, which is the first part of a Series D financing round that targets a low three-digit million euro amount. The company added that its valuation would be determined after the series D is finished, but experts estimated it at around 500 million euros. NexWafe said it had also agreed to work with Saudi Arabia’s Aramco Ventures on a future green solar wafer manufacturing facility in Saudi Arabia, with investments from Saudi Aramco’s $1.5 billion Sustainability Fund.