Aramco bets on graphene electrodes start-up GraphEnergyTech

GraphEnergyTech Ltd, a developer of graphene electrodes for the use in solar cells manufacturing, has raised GBP 1 million (USD 1.27m/EUR 1.16m) in its first external equity funding round led by the venture arm of Saudi Arabian Oil Company (TADAWUL:2222), better known as Aramco.

GraphEnergyTech has developed and patented a technology for the integration of graphene electrodes into solar cells, replacing silver and other precious metals whilst retaining or improving power conversion efficiencies. Other applications for its technology include batteries, super capacitors, LED lighting and displays.

“The money will allow us to take development of our advanced graphene electrodes to the next level. They have the potential to play a part in the development of the next generation of solar cells, said GraphEnergyTech's CEO Thomas Baumeler.

The Lausanne, Switzerland-based firm was co-founded by professor Michael Gratzel, the inventor of the dye-sensitised solar cell and professor Andrea Ferrari, founder and director of the University of Cambridge Graphene Centre.

The Swiss start-up is a portfolio company of Frontier IP Group plc, which is also a co-founder and supports its development. As part of the latest funding round, Frontier IP now holds a 23.97% equity stake, the investment firm said in a separate statement.

(GBP 1 = USD 1.277/EUR 1.164)

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