Solar cell developer Cyrium Technologies has secured $3 million in venture capital and officially announced Edward Sloot's appointment as the new CEO.
Cyrium has developed breakthrough technology that will significantly increase photovoltaic solar cell efficiency. They uses quantum dot nano-coatings to increase absorption efficiency and light spectrum on triple junction solar cells. The quantum dots are InAs/GaAs semiconductor layers applied to germanium and gallium arsenide substrates.
The multi-junction solar cells are the most efficient solar cells at about 29% efficiency. They have been used to power satellites for many years and could enter the terrestrial market with an increase in efficiency. Cyrium’s technology can increase the efficiency level of multi-junction solar cells by 50%.
The fresh cash is expected to provide the final step from product development to limited production by this time next year. Marketing on a wider scale is expected to begin in 2007.
Cyrium also announced the appointment of Edward Sloot as CEO and a director of the company. Sloot joined Cyrium in October 2005. Most recently Sloot served as CEO of Mississauga, Ontario based GEDEX, a private company developing airborne gravity gradiometer technology for the exploration industry. Prior to that, Sloot served as Managing Director with Sofinov, a technology venture capital subsidiary of Caisse de dépôt et placement du Québec.
Rosemont Labs is also developing a very high efficiency solar cell using indium and gallium chemistry, but in a single junction configuration while Cyrium is using a triple junction configuration. Cyrium is achieving its high efficiency by using nanotechnology while Rosemont gets its advantage from the wide spectrum capture of its technology. The lack of silicon in either technology is a plus. Maybe these two should get together to get the best (or worst) of the two technologies. Rosemont has the $ resources to pull this off,if it wanted to.
Resource: Cyrium Technologies Secures $3 Million in Funding, Press release, December 13, 2005
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I wrote about the use of quantum dots for solar PVs not too long ago. I got the impression they would take a bit longer than this to get commercialized. It's exciting to see they are being adopted and commercialized quickly. With theoretical efficiencies of up to 65%, quantum dot-based PVs could be revolutionary. Any news on how much Cyrium's cells might cost per watt? Will they be at least equivalently priced per watt as traditional PVs? (I sure hope so).
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