NexWafe, a German solar wafer producer, announced on Wednesday that it had successfully secured an additional €30 million ($33 million) in funding. The company aims to utilize the funds to expedite the construction of its inaugural commercial plant. This development is part of Germany's broader plan to generate 80% of its electricity from renewable sources, specifically solar and wind power, by the year 2030. By revitalizing its solar panel industry, Germany seeks to reduce its reliance on Chinese renewables technology.
NexWafe, known for its ultra-thin, highly efficient, monocrystalline green solar wafers, has amassed a total of €100 million in funding thus far. The company is optimistic about securing additional investments in the latter half of this year. The newly acquired funds will play a crucial role in accelerating the construction of NexWafe's maiden commercial-scale facility, slated to commence production in 2025. With an annual capacity of 250 megawatts, this facility will be located in the eastern town of Bitterfeld.
NexWafe's CEO, Davor Sutija, expressed enthusiasm regarding the recent investment, highlighting that it serves as a stepping stone for the company's ambitious plan to raise significantly larger funds in the latter half of 2023. The €30 million secured through a convertible loan agreement constitutes the initial phase of a Series D financing round, the objective of which is to reach a funding target in the low three-digit million euros range. The valuation of NexWafe will be determined once the series D financing round concludes.
NexWafe's current group of investors, including Reliance New Energy Limited, Aramco Ventures, and ATHOS Venture GmbH, have all contributed to the latest funding round. Additionally, the company has welcomed new investors such as Malcolm Turnbull AC from Australia and Singapore-based hedge fund manager Keshik Capital. This diverse group of investors showcases the growing confidence in NexWafe's potential and underscores the significance of its innovative solar wafer technology.
In a strategic move, NexWafe has entered into a partnership with Saudi Arabia's Aramco Ventures. The collaboration aims to establish a future green solar wafer manufacturing facility in Saudi Arabia, with investments originating from Saudi Aramco's $1.5 billion Sustainability Fund. This partnership represents a significant opportunity for NexWafe to expand its global reach and contribute to the growth of sustainable energy solutions.
