Warwick spinout Molecular Solar to raise further £5 million
Molecular Solar (www.molecularsolar.co.uk) has also created a new plan to raise a further £5 million to create its own bespoke technology facility to help bring its technology to the market place.
The company has developed a range of new technologies for exploiting organic solar cells for a range of energy saving applications.
Professor Tim Jones from the University of Warwick said “We are working with solar cells made from organic semiconductor materials which offer the prospect of very low cost manufacture of lightweight, flexible cells. They are made from sustainable materials and can be deployed as flexible sheets that could be used for a variety of applications including: a solar powered mobile phone charger that rolls up into a shape as small as the size of a pen, micro-lights that can be added to clothing, and a detachable sun-shade for automobile windscreens that powers a small integral fan to circulate air and cool the interior of the car when parked in direct sunlight.”
Molecular Solar secured seed funding after its researchers announced that they had developed a gold plated window as the transparent electrode for organic solar cells. Contrary to what one might expect, these electrodes have the potential to be relatively cheap since the thickness of gold used is only 8 billionths of a metre. This ultra-low thickness means that even at the current high gold price the cost of the gold needed to fabricate one square metre of this electrode is only around £4.50.
Dr Ross Hatton, co- founder of the company, added “We have progressed the technology to the point that we must now focus on practical applications. Our funding from the TSB, EPSRC and our investors will enable us to build the first product prototypes and continue our leadership in this technology.”
Dr. Mark Payton, managing director of Mercia Fund Management which led the company’s latest investment round alongside management and private investors, said “Our model is to back world-leading academic excellence associated with scalable, disruptive technology – Molecular Solar excels on all fronts and we see this new venture as the potential leader in the development of third generation organic solar technology making this form of energy provision open to a much broader market place.”
Posted on Tuesday, 21 June 2011 under Company News University news