Germany’s NexWafe has joined hands with Saudi Arabia-based energy firm, Aramco Ventures on a future green solar wafer manufacturing facility in the Kingdom of Saudi Arabia. The collaborative agreement will include participation from the firm’s $1.5 billion Sustainability fund.
NexWafe GmbH designs, develops and pilots a proprietary process to produce ultra-thin, high-efficiency, monocrystalline green solar wafers to make photovoltaics more sustainable and efficient.
Additionally, NexWafeGmhH (NexWafe) has secured €30M for boosting the construction of its first commercial-scale facility in Bitterfeld, Germany to fabricate the company’s green solar wafers. NexWafe is receiving funds from the current group of investors, including Aramco Ventures. Other investors are Reliance New Energy Limited, and ATHOS Venture GmbH. There are a few new investors, too, which include Honorable Malcolm Turnbull AC and Keshik Capital, led by Alex Turnbull. The firm is expected to raise additional funds in the second half of this year.
Davor Sutija, CEO of NexWafe, said, “This investment marks the start of NexWafe’s plan to raise substantially larger funds in the second half of 2023. The funds will be used to break ground on NexWafe’s first commercial facility to speed the renewable energy transition with more efficient, lower cost, green solar wafers for the world’s photovoltaic manufacturers.”
The firm’s patented green solar wafer manufacturing solution simplifies polysilicon production and reduces energy use and production time, it claims while adding that this cuts down production costs for n-type monocrystalline wafers used for the majority of high-performing solar modules. The firm further claims that its novel manufacturing method produces wafers that are made as per the customer’s requirements and already achieving parity with commercially available Czochralski (CZ) wafers.
AS per the firm’s claims, the NexWafe process also reduces CO2 emissions, resulting in a solar-energy supply chain that is genuinely green.
