Organic PV firm Heliatek pockets EUR 18m in C round

Sep 30, 2014 - German organic photovoltaics (PV) firm Heliatek GmbH said today it had raised EUR 18 million (USD 22.8m) in a C-Financing round led by entrepreneur Stefan Quandt's Aqton SE.

German engineering and electronics giant Robert Bosch GmbH, BASF SE (ETR:BAS), Innogy Venture Capital -- the venture capital arm of RWE Innogy, Wellington Partners, eCAPITAL, HTGF and TGFS also took part in the transaction.

The raised proceeds will help Heliatek achieve its operational and sales targets until 2016, CEO Thibaud Le Seguillon said. These include the introduction of its transparent HeliaFilm in production by the middle of 2015.

Since 2006, when Heliatek was set up, the firm has raised EUR 46 million to develop its PV manufacturing technology and support its market entry, it noted. The German company is currently supplying organic solar film prototypes and pilots to industrial firms for use in the building-integrated photovoltaics (BIPV) and automotive segments.

This spring, Heliatek said that its transparent organic solar cells had reached an efficiency of 7.2% and transparency levels up to 40%. It has also reached a 12% efficiency for opaque organic solar cells.

(EUR 1.0 = USD 1.269)

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