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Sustaintech November 25, 2020

Evolar secures strategic funding

Evolar, which increases a solar panel’s power yield by 25 percent, are partnering with Magnora ASA, a leading investment company in renewable energy.

The raised capital will be spent to scale the processes in Evolars high throughput R&D tools and prototype line in Uppsala, Sweden, and thereby bringing their technology to the market in the near future.

Evolar has developed a unique technology, based on the material perovskite, which adds 25 percent power to conventional silicon-based solar panels, which have soon reached their full performance potential. Together with the company Solibro, Evolar has achieved several world records in its niche.

Their PV-Power Booster solution to improve the efficiency of solar panels consists of coating the inside of the cover glass that a conventional solar panel has with a solar cell layer of perovskite to create a so-called tandem solar cell. This solution is expected to increase the efficiency of the solar module by 5 percentage points, i.e. from about 20 to about 25 percent. Such an increase would have a huge impact on the solar energy market, as it dramatically improves the economy for both end users and solar panel manufacturers.

Evolar is from Uppsala. They have recently acquired a facility there that is unique and ready for use, comprising both laboratory equipment and a prototype line on an industrial scale.

The company plans to collaborate with several leading players to test and scale up the technology in order to quickly benefit from the giant solar cell market.