TEL AVIV, Israel, August 22, 2013 /PRNewswire/ --
PV Nano Cell Ltd., which develops and manufactures innovative nano metric materials that enable non-contact printing of conductive patterns in solar cells and for Printed Electronics, reports having completed a funding round of approximately $3.5 million. The round was led by the Infinity IP Bank (China) participating also the Israel Electric Corporation's Karat program, Slobel (Belgium), and Terra VP venture capital fund. Terra VP was also the seed investor ~ $ 1.5 M. To date, PV Nano Cell has raised an approximate total of $5.5 million from investors, including the Chief Scientist at the Israeli Ministry of Economy and the Ministry of Energy and Water resources.
PV Nano Cell (PVN) is developing disruptive technology that achieves significant cost reduction in the manufacturing process of silicon cells as well as in Printed Electronics through inkjet printing of inks based on nano metric crystal materials. Inkjet printing, a well-known mass production printing technology in many industrial fields, is penetrating the electronic market in general and the silicon solar cell field in particular.
PVN inkjet conductive inks are the market enabler for inkjet printers' producers & substantial cost reduction enabler for Printed Electronic applications and Solar cells non-contact metallization (generating savings of 20% on cost per watt for silicon cells) as well as substantially reducing hazardous waste effluents in the production processes.
PVN is introducing to the market the first cost efficient conductive ink, based on stable Nano copper particles enabling a wide market penetration of inkjet digital conductive printing through excellent ink stability, printing and conductive properties and low wide commercially viable prices (as the inks are based on significantly cheaper metal - $ 8/kg for copper versus 750/kg for silver).
Currently, the company is in the advanced stages of forming a joint venture in China, with a $2.5 million fund invested by the Chinese partner.
PV Nano Cell was founded in early 2010 by Dr. Fernando de la Vega, a PhD in applied chemistry and expert on nano-metric materials. According to de la Vega, who currently serves as the company's CEO, the technology developed by the company is not limited to printing photovoltaic cells, and is also expected to be utilized in other fields. "The company is stimulating great interest from potential investors and customers, mainly because the inks that we've developed allow for significantly reduced costs in the printing of conductive patterns. So far, we have focused on the photovoltaic market, we intend to expand by applying our technologies to additional applications, such as printing of various flexible electronic devices".
About Infinity IP Bank (IPB) - Established in China, March 2010 by Infinity Group and Suzhou Industry Park (SIP). Infinity IP Bank is focused on bring international Advanced Mature Tech/ IP which also have a high potential in China and commercialize them in China. Infinity IP Bank and its partners are dedicated to helping local government and Hi-tech parks attract investment nurturing innovation and quickening industry transformation helping China change from a manufacturing center to an innovation center.
About Terra Venture Partners - The leading early stage Cleantech venture capital fund in Israel. Terra invests in promising seed and early-stage start-ups led by top entrepreneurs in energy, water and other environmental sectors, that make business sense while solving some of the world's biggest problems. Terra is managed by its two partners: Dr. Astorre Modena and Dr. Harold Wiener.
About Israel Electric Corporation (IEC) - The IEC has established an internal venture unit, KARAT (the Hebrew acronym for "Accelerating Technological Ideas") which provides a framework of investment and support services to develop, advance, and commercialize innovative ideas in energy-related fields. KARAT advances innovative ideas related to energy by encouraging and collaborating with entrepreneurs and other innovators to form, support, and finance very early stage business ventures for the commercialization of these ideas.
Ofir Shpigel Media and Public Relations
SOURCE PV Nano Cell Ltd