PV Nano Cell pockets USD 3.5m from investors

Aug 23, 2013 - Israeli nano-metric materials specialist PV Nano Cell Ltd said Thursday it had secured USD 3.5 million (EUR 2.3m) in a financing round led by Infinity IP Bank (China), part of cross-border private equity platform Infinity Group.

The Israel Electric Corp's Karat programme, Slobel of Belgium and Israeli Terra Venture Partners were the other investors. So far PV Nano has secured USD 5.5 million in capital. Its sponsors also include the chief scientist at the Israeli Ministry of Economy and the Ministry of Energy and Water resources.

The company is working on a new inkjet printing technology that uses inks based on nano-metric crystal materials. In silicon solar cells that process can cut costs by 20% per watt, the company calculates. Soon PV Nano is to establish a joint venture in China thanks to a USD-2.5-million fund by its Chinese partner.

The company’s technology, which also cuts the volume of hazardous waste effluents in the manufacturing process, can be used in other industries apart from photovoltaics. “We intend to expand by applying our technologies to additional applications, such as printing of various flexible electronic devices,” founder and chief executive Fernando de la Vega said.

(USD 1 = EUR 0.748)

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