Clean Energy Finance Corporation (with funds managed by Virescent Ventures) co-lead the $21 million Series A investment in Australian company SunDrive to help commercialise revolutionary solar technology that replaces silver with copper to improve solar panel efficiency and reduce costs. At nearly 100 times cheaper than silver and far more abundant, the switch to copper has the potential to improve solar panel uptake by driving down costs.
Leading the Series A round alongside Main Sequence Ventures, the $7 million CEFC commitment is made through the Innovation Fund, managed by Virescent Ventures. The raise has also attracted the support of private investment companies including Blackbird Ventures and Grok Ventures.
SunDrive’s patented technology uses copper as the conductive material to pull the electrical current from the cells, instead of the industry standard silver. The technology has set solar efficiency world records, further expanding its commercial potential.
Read full articles: https://www.cefc.com.au/media/media-release/cefc-invests-in-sundrive-to-supercharge-solar-panel-efficiency-and-drive-down-costs/