QD Solar raises funds for quantum dot-based PV tech

Canadian quantum dot-based solar cells developer QD Solar said on Monday it has closed a Series A funding round led by DSM Venturing, the venture capital arm of Dutch science-based company Royal DSM (AMS:DSM).

Existing investors KAUST Innovation Fund and MaRS Innovation also took part in the round. The total sum raised was not disclosed.

QD Solar develops quantum dot-based solar cells that use nano-engineered, low-cost materials absorbing the otherwise wasted infrared light. The company says that its first product has the potential to boost the energy output of solar panels by 20%.

QD Solar said it is a winner of the DSM-organised 2016 SunRISE TechBridge Challenge. This has enabled the firm to receive funding from DSM Venturing. The development of its technology is also backed by funds from Sustainable Development Technology Canada (SDTC).

“With the combination of the Series A and SDTC funding, QD Solar has the resources to advance, develop, test and de-risk our solar technology while concurrently developing the manufacturing processes needed to bring this technology to market," said Dan Shea, CEO of QD Solar.

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