Thursday 10th July 2008
Intel leads €85 million Sulfurcell round
German solar module developer Sulfurcell has received funding of €85 million (£68 million) to expand its production facilities. Intel Capital, the venture arm of the computer hardware supplier, led the fundraising, investing €24 million of its own.
A further €38 million came from European cleantech investors including Climate Change Capital Private Equity and Zouk Ventures, both based in London; Zurich firm AIG; Paris-headquartered Demeter Partners; and BankInvest from Copenhagen. The remainder of the cash came from existing investors.
Sulfurcell specialises in “thin-film” solar modules and has a pilot manufacturing facility that it says has demonstrated the scalability of its proprietary production process and the quality of its product.
Nikolaus Meyer, CEO of Sulfurcell, comments: ‘We have an aggressive growth strategy, and the funding will enable us to respond to the rapidly increasing demand for thin-film solar modules in all market segments.’
Heiko von Dewitz, investment director responsible for cleantech at Intel, says of the investment: ‘Germany is a leader in adopting photovoltaics as an alternative energy source, and we believe Sulfurcell is well positioned to contribute to broader adoption in Germany and in other countries worldwide.’
Read an interview with Intel Capital MD Ashish Patel in our sister magazine, Business XL.
Nick Britton
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