Solar photovoltaic company Utilight has raised $4.5 million in a Series A round from investors that include Robert Bosch Venture Capital (RBVC), I2BF Global Ventures and Waarde Capital BV.
The proceeds will be used to develop the company's wafer-metallization technology -- a process that applies a conducting metal layer onto solar photovoltaic cell. Based in Yavne, the company was founded in 2009 by CEO Amir Noy, Misha Matusovsky, Giora Dishon, and Moshe Finarov, and has developed a patent pending, non-contact printing method, for high-volume manufacturing of solar photovoltaic cells. Utilight's method of wafer-metallization, known as pattern transfer printing, avoids excessive use of materials including silver paste and allows cells to generate more power.
12BF partner and head of research Alex Belyakov said, "Utilight brings solar photovoltaic cell manufacturers exactly what they need -- manufacturing efficiency and higher performance of their products."
Gadi Toren, RBVC venture capital investment partner will join Utilight's board of directors. He said, "We are backing an experienced team with an impressive track record in production processes of advanced technologies."
Ays Sharaev, managing partner at Waarde Capital managing partner Ays Sharaev said, "This project has all elements that are crucial for success: very experienced team, strong interest of potential clients, innovative technology and business model, and professional co-investors. Waarde Capital is glad to co-invest alongside with RBVC and I2BF in other projects in Israel and other countries."
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