Canadian quantum dot-based solar cells developer QD Solar now has over CAD 10 million (USD 7.7m/EUR 7.2m) available to advance, develop, test and de-risk its solar technology.
On Monday, the company announced it had closed a Series A funding round led by DSM Venturing, the venture capital arm of Dutch science-based company Royal DSM (AMS:DSM), with participation from existing investors KAUST Innovation Fund and MaRS Innovation.
Yesterday, MaRS Innovation and the University of Toronto, the two entities that created the firm, said that QD Solar has received matching investments of CAD 2.5 million from each of the three participants. The development of its technology is also backed by a CAD-2.5-million grant from Sustainable Development Technology Canada (SDTC).
QD Solar develops quantum dot-based solar cells that use nano-engineered, low-cost materials absorbing the otherwise wasted infrared light. The company says that its first product has the potential to boost the energy output of solar panels by 20%.
"Thanks to the concerted efforts of the University of Toronto and MaRS Innovation, QD Solar has quickly gone from early stage to market ready," Ontario's Minister of Research, Innovation and Science, Reza Moridi, said in a statement.
(CAD 1.0 = USD 0.765/EUR 0.723)
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