Coventry-based start up AdvanceSis has received a multimillion dollar follow-on investment from Seven Spires Investments to develop applications in the photovoltaics (PV) sector. Terms of the investment were not disclosed.
Using new developments pioneered by the company – combined with advanced semiconductors, power electronics and optical systems – AdvanceSis believes it can bring the cost of solar energy down to compete with fossil fuels.
The investment will fund a three-year business plan for expansion of its technology and business development in the UK and mainland Europe.
By reducing the cost of PV, which the company believes is the major obstacle to the technology, the company hope to make a significant impact on the PV sector which is estimated to be worth $15bn.
‘We are delighted to have agreed this investment with Seven Spires to fund our ambitious business plans, to enable us to address one of the most important challenges that the world faces – the secure, cost effective delivery of clean power.’ said AdvanceSis CEO Dr Robin Godfrey. ‘We will use the new funding to accelerate our multidisciplinary and systems approach to PV development.’
Regarded as one of the possible long term solutions to the world’s energy demands, PV as a sector grew 40 per cent in 2007, but high costs have restricted take up of the technology.