STING Capital invests in Solarus that provides the next generation solar energy technology2009-11-10 STING Capital invests two million in the next generation solar panels provided by Solarus. The capital will be used to increase market activities and together with sub suppliers build up the production capacity.
- The investment in Solarus is not only an investment in an excellent technology but also an investment in skills at the highest level in the solar energy field. Solarus’ new hybrid solution, for both heat and electricity, will deliver world-class performance and represents a vital element to reach an international success in the market, "says Martin Gemvik, Investment manager STING Capital.
Solarus provides the next generation solar energy technology to cost conscious and professional large scale users. Solarus’ ingenious solar panel solutions enable users world wide to generate either electricity or heat or both (hybrid panel).
Solarus solar hybrid panel enables the user to produce 600 watt per m2 in a combination of power and heat at more than 30% lower cost than conventional solutions. By the use of concentrating technology a minimum of material is used at the same time as very good performance is achieved. The total energy yield per square meter will be considerably higher from Solarus’ hybrid solar collector than from a solar panel for electricity only. The goal is to reach a cost of less than $ 0.3/W for energy (CPH) from the hybrid solar panel.
In thermal applications, Solarus’ solar collectors’ have high optical efficiency, an ability to generate high temperatures combined with low heat losses which means that it is well suited for demanding applications such as direct connection to district heating and to generate solar cooling.
"Already, we see a growing international interest in our hybrid solar panels. Mainly for large-scale installations like solar farms and industrial roofs, but many other applications are also discussed. The investment from STING Capital means that we can expand our market activities, speed up the process of industrialization and the development of our production, "says Niclas Stenlund, CEO of Solarus.
Solarus is committed to make solar energy a major energy source globally and to counter the climate threat.
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About STING Capital
STING Capital Private Equity Fund has been formed by the business incubator STING (Stockholm Innovation & Growth AB) and the Innovation Bridge. Other investors are business angels from STING Business Angels network, Pod Venture Partners, Folksam, Östersjöstiftelsen, ALMI Stockholm, Länsförsäkringar Stockholm, Peder Sager Wallenberg Foundation, Allba Invest TageHus Förvaltning and KTH Holding. STING Capital invests in innovative technology companies in early stages and with great international potential. STING Capital invests typically 1 to 4 million per company and is often the first external investor in the company. www.stingcapital.com