A £1m boost for the Cambridge spin-out behind solar panel innovation

GraphEnergyTech, a Cambridge spinout developing groundbreaking alternative electrodes for solar panels, has secured £1 million in funding from an investment round led by Aramco Ventures, the venture capital arm of Saudi Aramco.

The company has developed a new conductive graphene ink for solar panel electrodes, providing a more durable and cost-effective alternative to the traditionally used silver. This breakthrough technology is especially important because silver, while highly conductive, faces supply constraints amid growing solar energy demand.

GraphEnergyTech’s conductive graphene ink, derived from a process adapted to the pharmaceutical industry, effectively replaces silver in solar cells. Given that silver accounts for nearly 14% of global solar energy consumption – a figure that is expected to rise – the industry is concerned about potential shortages. The University of New South Wales predicts that the solar energy sector could deplete 85-98% of the world’s silver reserves by 2050.

Dr. Thomas Baumeler, CEO of GraphEnergyTech and PhD in solar energy, emphasized the company’s focus on solar panel manufacturers, but also highlighted potential applications in other sectors. “We are initially targeting solar panel manufacturers because of our expertise, but we are also exploring applications in batteries with a Korean partner,” said Baumeler.

GraphEnergyTech has received significant support from influential figures in the scientific community, including Michael Grätzel, a leading innovator in solar panel technology and Baumeler’s PhD supervisor. Grätzel’s involvement has opened doors for the company within the sector.

Uniquely, GraphEnergyTech is a double spin-out from both the University of Cambridge, via the Cambridge Graphene Centre, and the Swiss Federal Institute of Technology Lausanne.

Frontier IP, an AIM-listed co-founder of GraphEnergyTech, which has a 23.97% equity stake in the company, is expected to confirm the investment news on Monday.