Low cost OPV company secures GBP1m development funding
The new equity finance has been led by IP Group plc and one of its managed funds, with existing investors also supporting the round. The additional financing will be used to further develop Eight19’s proprietary production processes in readiness for volume manufacture and to expand its commercial activities.
Eight19 has demonstrated flexible, light-weight solar modules based on the company’s proprietary low cost architecture, fabricated using an innovative roll-to-roll production process. Eight19’s technology provides affordable power for autonomous electronics and high-volume off-grid consumer and industrial applications.
Chris Harris, Chairman of Eight19, said: “The additional financing will allow us to accelerate development of our manufacturing process technology, as well as to better support our customers by strengthening our commercial organisation.”
Robert Trezona, Head of Cleantech at IP Group, who will join Eight19’s board, said: “We are very impressed with the significant progress Eight19 has made in developing its proprietary production technology and in demonstrating excellent performance under low light conditions. Eight19’s technology has the ability to enable a range of new market opportunities in off-grid solar and energy harvesting applications.”
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