Peafowl Solar Power attracts SEK 5 million investment
Swedish venture capital company Almi Invest as well as private investors back Peafowl Solar Power. The start-up located in Uppsala, Sweden, has successfully raised SEK 5 million (approx. EUR 465K) to further develop its plasmonic solar cell technology.
Swedish-based start-up Peafowl Solar Power, which develops unique solar technology, has attracted a SEK 4 million investment (approx. EUR 370K) from the Swedish venture capital company Almi Invest. Additional 1 million SEK (approx. EUR 93K) has been raised from private investors. The money will be used to support commercialisation and further test the product.
Peafowl Solar Power develops a unique solar cell that can be made highly transparent. As a result, the solar cells can be placed directly on different materials or units to be powered without compromising the aesthetics. This makes the technology very interesting both for markets where design is important and where transparency is crucial, such as displays and smart windows.
“The need for providing low but continuous power to various connecting units and sensors in a cost-effective, wireless and sustainable way increases”, says Karin Edström, Investment Manager at Almi Invest. “In this growing market, Peafowl’s innovative, scalable and environmental-friendly technology has good chances to succeed.”
Peafowl Solar Power is a spin-off from Uppsala University and joined InnoEnergy Highway programme last year. The start-up is still at an early stage but has already initiated several customer projects. This includes a collaboration with smart window company Chromogenics to test whether Peafowl’s solar cells can drive their dynamic glass.
Peafowl’s solar cell technology is produced with low-cost and sustainable materials. It has proven high stability and function in all conditions from tough outdoor to low-light indoor environments. It is particularly relevant for applications in need of continuous but low power and where supplying power via cable and/or batteries is expensive or impossible.
“This investment is an important step for us. It will enable us to supplement the team and take on larger customer projects”, says Jacinto Sá, founder and CEO of Peafowl Solar Power. “The new owners bring with them valuable experience and knowledge that will be of great benefit to the entire company and we look forward to working with them.”
Read Almi Invest press release (in Swedish)