QuantaSol shines through in £1.35m deal
The solar cell company gains seed funding to produce prototypes
QuantaSol, a Surrey-based solar cell business, has received £1.35m of investment from a syndicate of investors.
The deal was co-led by Low Carbon Accelerator which has made an investment of £480,000 for a 15.34% equity stake, and by Imperial Innovations. Other investors in the seed funding round include Numis Securities Ltd, Netscientific Ltd, and Sheffield University Enterprise. QuantaSol is planning to produce solar photovoltaic, or PV cells, which when combined with mirrors and lenses to concentrate light, can be used to generate power on a utility scale. The company, which was formed in 2006, is using the work of several senior UK and European-based academics including professor Keith Barnham of Imperial College London, Dr. Massimo Mazzer of the National Research Council of Italy and Dr. John Roberts from The University of Sheffield. It will use the funds from this latest funding round to fund prototypes of its Quantum Well Photovoltaic cells and to reach out to potential customers. “We are very grateful for the support that we have received from Low Carbon Accelerator, said Kevin Arthur, chief executive of QuantaSol, “and are looking forward to working with them and the rest of the investor group to take QuantaSol forward to become a major global supplier of third generation, high efficiency solar cells.” As a result, of the deal the Oliver Hemsley, chief executive officer of Numis Securities, will join the company's board as a non-executive director. © Crimson Business Ltd. 2009