Swiss cleantech stratup Insolight closes Series A financing with €4.6 million
Swiss cleantech stratup Insolight announced that a Series A Round of €4.6 million has successfully been closed led by Investiere, with co-investors Zürcher Kantonalbank, Swiss Immo Lab and a number of private business angels.
Following the first Seed Financing round in January 2018, Insolight has established a world record efficiency of more than 29% for flat solar panels, as certified by IES-UPM. The company has successfully taken the technology out of the lab and proved its robustness in real weather conditions. The Series A financing round, together with the €10 million HIPERION grant from the EU – will enable Insolight to start producing and selling the modules. The production will be outsourced to external manufacturers.
Insolight intends to sell first modules to large solar energy corporates for applications in agrivoltaics. There is a unique potential for high efficiency and translucent modules to produce both solar electricity and crops on the land, whether deployed on fields or greenhouses. The nascent agrivoltaic market already represents 5 GWp of installed power with a market size estimated to €651.2 million. It leverages unique advantages of the Insolight technology, differentiating the market entry strongly from mainstream products.
Rainer Isenrich, CEO of Edisun Power Europe AG and Alan Rosling (former Executive Director at Tata Sons) will remain members of the board of directors. Their industrial experience and solar background are tremendously helping us in our key decisions making.
The Insolight team is thrilled about this new milestone and is now on a mission to deliver the modules to the market. Insolight thanks all the investors who participate in helping to reach the goal of bringing next generation solar modules to the market and thereby contributing to a sustainable future.