Frontier IP portfolio company GraphEnergyTech (or the “Company”) has raised £1 million through the Company’s first external equity funding round.
The fundraising was led by Aramco Ventures, the corporate venturing arm of Aramco, the world’s leading integrated energy and chemicals company. Frontier IP, a GraphEnergyTech co-founder, now holds a 23.97 per cent equity stake.
Proceeds will be used to accelerate development and scale up of GraphEnergyTech’s advanced high-conductivity graphene electrodes.
The technology’s initial application is for use in solar cells, where graphene can replace silver electrodes. Silver is the most commonly used material for electrodes today, but the rising demand for solar power means global reserves could be exhausted by 2050, according to research from the University of New South Wales. It is expensive and mining can cause devastating environmental harm. GraphEnergyTech’s electrodes also cost significantly less to manufacture than silver electrodes.
Other applications for GraphEnergyTech’s technology include batteries, super capacitors, LED lighting and displays.
The Company was co-founded by Professor Michael Grätzel of the Ecole Polytechnique Federale de Lausanne (“EPFL”), inventor of the dye-sensitised solar cell, Professor Andrea Ferrari, founder and director of the University of Cambridge Graphene Centre, and Frontier IP. Professor Grätzel is ranked among the world’s most cited scientists across all fields and is behind more than 120 patents resulting from his research.
We are very happy with the results of the fundraising and the investment from Aramco Ventures. The money will allow us to take development of our advanced graphene electrodes to the next level. They have the potential to play a part in the development of the next generation of solar cells.
GraphEnergyTech chief executive Dr Thomas Baumeler
The investment from Aramco Ventures, a world leader in energy investments, represents a strong endorsement of GraphEnergyTech’s technology and the quality of its electrodes. We are excited by the Company’s potential.
Frontier IP chief executive Neil Crabb
