Conor Venture Partners et al. back Crystalsol

Crystalsol received capital from Arax Capital Partners, an Austrian investor focused on local high-tech companies. Public local funds in Austria and Estonia also contributed to the round.

The management of Crystalsol initiated discussions with existing venture capital investors to source new funding. The negotiations took approximately one year from start to finish.

The company will now focus on ramping up a low investment roll-to-roll pilot production line for its semi-finished photovoltaic film. EDP Innovation, part of the Portuguese utility group EDP, signed a collaboration agreement to get preferred access to the first 200 MW of Crystalsol's product.

Company
Crystalsol was founded in 2008 as a spin-off from Tallinn University of Technology. Based in Vienna and Tallinn, Crystalsol develops a new type of flexible photovoltaic film mainly for integration into building elements.

One of the distinguishing features of Crystalsol's technology is a light absorbing active layer made of crystalline semiconductor powder. The applied powder is made of copper, zinc, tin, sulphur and selenium, avoiding the use of rare and expensive materials such as indium or tellurium. The company employs 28 staff.

People
Jari Mieskonen is a managing partner at Conor. Thomas Badegruber is co-founder and COO of Crystalsol. Wolfgang Ressler is CEO of Crystalsol.

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