News Article
Molecular Solar Completes Equity Funding Round
Molecular Solar participating in £2.1million third generation solar energy
Molecular Solar Ltd., a spinout from the University of Warwick, announced today that it has completed a seed round of equity investment led by Mercia Fund Management. The company is participating in a recently announced £2.1M project being funded by the Technology Strategy Board (TSB), the Engineering and Physical Sciences Research Council (EPSRC) and the other participating companies (Kurt Lesker, Asylum Research and New World Solar) to develop prototype third generation organic solar cells. The University of Warwick and Imperial College London are also participating in the project. The new technology will harvest the sun's energy at lower cost using sustainable and environmentally friendly materials and manufacturing processes and open up the possibility of truly flexible solar cells.
Prof. Tim Jones at the University of Warwick, a co-founder of the company, said:
“We formed Molecular Solar with assistance from Warwick Ventures Ltd, the University's research commercialisation arm. Our aim is to commercialise the technology developed in a multi-million pound research programme at the University over the past four years and we are delighted to have the funding to take the company forward towards this objective.”
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 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.”
