GraphEnergyTech, a leading producer of alternative electrodes for solar panels, has secured £1m in funding from a round led by Aramco Ventures, the investment arm of Saudi Aramco.
The company has developed a new conductive graphene ink for solar panel electrodes, providing a more sustainable and cost-effective alternative to the traditionally used silver. This pioneering technology is particularly important as silver, despite being highly conductive, faces supply constraints amid growing demand for solar energy.
GraphEnergyTech’s conductive graphene ink, derived from a process adapted from the pharmaceutical industry, effectively replaces silver in solar cells. Given that silver accounts for about 14% of global solar demand—a figure that is expected to rise—the industry is concerned about a potential shortage. The University of New South Wales predicts that the solar sector could deplete between 85% and 98% of the world’s silver reserves by 2050.
Dr. Thomas Baumiller, CEO of GraphEnergyTech and a PhD in solar energy, emphasized the company’s focus on solar panel manufacturers, but highlighted potential applications in other sectors. “We are initially targeting solar panel manufacturers because of our expertise, but we are also exploring applications in batteries with a Korean partner,” Baumiller said.
GraphEnergyTech has received significant support from influential figures in the scientific community, including Michael Grätzel, a leading innovator in solar panel technology and Baumiller’s PhD advisor. Grätzel’s involvement has opened doors for the company within the industry.
GraphEnergyTech is a dual company born out of the University of Cambridge, through the Cambridge Graphene Centre, and the Swiss Federal Institute of Technology in Lausanne.
Frontier IP, the co-founder of AIM-listed GraphEnergyTech and which owns a 23.97% stake in the company, is expected to confirm the investment news on Monday.