NexWafe Closes Series C Investment Round

7 Million Euro Additional Investment in Second Close Completes Funding Round

FREIBURG, GERMANY

--News Direct--

NexWafe GmbH (NexWafe) today announced it completed its Series C investment round with a second close completed in December 2021 led by one of Germany's largest family offices. Including the second close, the Series C financing totals 39M Euros and will be used to complete product and technology development for NexWafe's solar photovoltaic products on prototype lines in Freiburg.

"NexWafe is accelerating the renewable energy transition with more efficient, lower cost, greener solar wafer technology for photovoltaic manufacturers globally, including strategic partners committed to gigawatt scale implementation of NexWafe epitaxial wafer production," said Davor Sutija, CEO of NexWafe.

NexWafe is creating processes to develop and produce monocrystalline silicon wafers directly from inexpensive raw materials, going directly from the gas phase to finished wafers. This unique, patented wafer manufacturing solution simplifies polysilicon production and reduces energy use and production time. The result is drastically lowered production costs. NexWafe is a member of the Ultra Low-Carbon Solar Alliance, Solar Power Europe and the European Solar Manufacturing Council.

Investors joining NexWafe's Series C growth round's second close also include Ecosummit, an investment group that advises smart green startups on fundraising and strategy. Investors in the first close of the Series C Round include Reliance Industries Limited, InnoEnergy, HEMMA Group, Saudi Aramco Energy Ventures and others.

At an extraordinary general meeting of shareholders in January, a new NexWafe board was elected, including Chairman Bart Markus, deep-tech investor and former General Partner of Wellington Partners; and Directors Marina Groenberg, Managing Director, Hemma Group; Thomas Koerner, Vice President, Canadian Solar; Sanjay Mashruwala, President of Reliance Industries Ltd., and Bruce Niven, Chief Investment Officer at Saudi Aramco Energy Ventures.

About NexWafe GmbH

NexWafe GmbH designs, develops and pilots a proprietary process to produce ultra-thin, high efficiency,monocrystalline green solar wafers to make photovoltaics more sustainable and efficient. Fullycompatible with conventional solar cell manufacturing, NexWafe offers a 70% reduction in carbondioxide emissions during manufacturing. NexWafe's continuous, direct gas-to-wafer manufacturingprocess also minimizes waste, resulting in wafers that are 30% less expensive than conventional wafers.NexWafe's in-line, ultra-scalable process shatters cost down roadmap barriers and inherently supportsthe industry's extraordinary growth as the transition to solar power accelerates worldwide. Thecompany was spun out from Fraunhofer Institute for Solar Energy Systems ISE in 2015. For moreinformation, please visit https://www.nexwafe.com and follow us on LinkedIn and Twitter.

Contact Details

Jenna Beaucage

+1 508-340-6851

nexwafe@rainierco.com

Company Website

https://www.nexwafe.com

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