SunDensity, a New York-based company that focuses on improving the photonics of solar modules, raised US$ 2.5 million in seed financing round held on October 14, 2020. Clean Energy Ventures is the lead investor along with Luminate, Rochester Angel Network (RAN), LaunchNY, and Clean Energy Venture Group.
The new funding will be used to support the expansion and development of the SunDensity team, kick start its manufacturing, and accelerate partnerships and collaborations with key industry players. SunDensity also plans to spend the investment over the next 18 months, scaling technology beyond the lab and signing agreements with glass companies.
According to Temple Fennell, co-founder and managing director of Clean Energy Ventures, “As ubiquitous as solar energy is today, the sector has seen incremental improvements over the past two decades. SunDensity’s breakthrough technology brings a critical step-function increase in solar panel efficiency, further accelerating our transition to clean, renewable energy.”
Photonic smart coating technology (PCS) developed by SunDensity is made to coat any solar module and to complement the existing anti-reflective coating technologies for glass and other materials manufacturers. PCS coating converts blue light that cannot be absorbed by solar panels into red light which can subsequently be converted into electricity. It is applied underneath solar glass panels, which will increase panel efficiency, enabling up to 20% increase in power output of solar cells.
Nishikant Sonwalkar, founder SunDensity said, “[Today] you are paying 22 cents per kWh. With this technology, I can bring it down to 12 cents per kWh.”
SunDensity PSCs have additional applications in improving the performance of consumer electronics, including night-vision cameras, architectural glass panels and smart window products.
SunDensity is the winner of the recently held Luminate NY competition. It was chosen as the “Company of the Year,” and had secured US$ 1 million investment from the Empire State Development’s Finger Lakes Forward Upstate Revitalization Initiative.
It has developed a groundbreaking Photonic Smart Coating (PSC) technology that enables both ways of conversion of the wavelengths in white light to match the desired bandwidth to solve several energy efficiency problems. Nishikant Sonwalkar founded the company in 2016 and it has its headquarters in the Greater Boston Area, East Coast, USA.
About Clean Energy Ventures
Clean Energy Ventures invests in early-stage cleantech, climate tech startups. They are focused on investments in commercializing disruptive clean energy technologies and business model innovations to address climate change. It was founded in 2017 by Dan Goldman, David S. Miller, Temple Fennell.
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