Swedish solar energy startup Sol Voltaics has raised $21.3 million in funding for its nanowire technology for solar panels.

The investment comes from Watrium AS, Kagra Gruppen AS, Industrifonden, FAM AB, Nano Future Invest, Blue Marlin AB, and Teknoinvest AS.

The new capital will be invested in accelerating the commercialisation of its SolFilm technology, a thin-film made up of billions of nanowires that, it says, will improve solar panel efficiency by up to 50%. Having successfully completed a number of tests, the technology will undergo further refining with the company planning to present samples in late 2018.

The company is now focused commercialisation and mass production, said Erik Smith, CEO of the company.

Sol Voltaics previously raised $17 million last year and in June, it appointed Dr Stephanie Essig as senior device and characterization scientist.

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