Insolight – one of the Climate-KIC Swiss accelerator alumni – has closed a Series A Round of 4.6 million euro. The round was led by Investiere, with co-investors Zürcher Kantonalbank, Swiss Immo Lab and a number of private business angels.
Following the first Seed Financing round in January 2018, Insolight has established a world record efficiency of more than 29% for flat solar panels, as certified by IES-UPM. The company has successfully taken the technology out of the lab and proved its robustness in real weather conditions. The Series A financing round – together with the EUR 10 million HIPERION grant from the EU – will enable Insolight to start producing and selling the modules. The production will be outsourced to external manufacturers.
Insolight intends to sell first modules to large solar energy corporates for applications in agrivoltaics. There is a unique potential for high efficiency and translucent modules to produce both solar electricity and crops on the land, whether deployed on fields or greenhouses. The nascent agrivoltaic market already represents 5 GWp of installed power with a market size estimated to CHF 700 million. It leverages unique advantages of the Insolight technology, differentiating the market entry strongly from mainstream products.