GraphEnergyTech, developer of a process to integrate graphene electrodes into solar cells to replace silver, has announced a £1 million (over USD$1.2 million) equity raise to accelerate development and scale up of its advanced high-conductivity graphene electrodes.
The fundraising was led by Aramco Ventures, the corporate venturing arm of Aramco, a leading integrated energy and chemicals company.
The technology’s main application is for use in solar cells, where the graphene can replace silver electrodes. Silver is the most commonly used material for electrodes today, but the rising demand for solar power means global reserves could be exhausted by 2050, according to research from the University of New South Wales. It is expensive and mining can cause devastating environmental harm. GraphEnergyTech’s electrodes also cost significantly less to manufacture than silver electrodes.
Other applications for GraphEnergyTech’s technology include batteries, super capacitors, LED lighting and displays.
The Company was co-founded by Professor Michael Grätzel of the Ecole Polytechnique Federale de Lausanne (“EPFL”), inventor of the dye-sensitized solar cell, and Professor Andrea Ferrari, founder and director of the University of Cambridge Graphene Centre, and Frontier IP.
Existing shareholders in GraphEnergyTech include Frontier IP Group plc, who co-founded the company, and are supporting its development.
Dr. Thomas Baumeler, GraphEnergyTech’s CEO, said: “We are very happy with the results of the fundraising and the investment from Aramco Ventures. The money will allow us to take development of our advanced graphene electrodes to the next level. They have the potential to play a part in the development of the next generation of solar cells.”
Frontier IP Chief Executive Neil Crabb said: “The investment from Aramco Ventures, a world leader in energy investments, represents a strong endorsement of GraphEnergyTech’s technology and the quality of its electrodes. We are excited by the Company’s potential.