GraphEnergyTech, a Cambridge spin-out pioneering alternative electrodes for solar panels, has secured £1 million in funding from an investment round led by Aramco Ventures, the venture capital arm of Saudi Aramco.

The company has developed a novel conductive graphene ink for solar panel electrodes, offering a more sustainable and cost-effective alternative to the silver traditionally used. This breakthrough technology is particularly significant as silver, while highly conductive, faces supply constraints amidst growing solar demand.

GraphEnergyTech’s conductive graphene ink, derived from a process adapted from the pharmaceutical industry, effectively replaces silver in solar cells. Given that silver accounts for almost 14% of global consumption for solar demand—a figure projected to rise—the industry is concerned about potential shortages. The University of New South Wales predicts that the solar sector could deplete 85-98% of the world’s silver reserves by 2050.

Dr Thomas Baumeler, CEO of GraphEnergyTech and a PhD graduate in solar energy, emphasised the company’s focus on solar panel manufacturers but highlighted potential applications in other sectors. “We are initially targeting solar panel manufacturers due to our expertise, but we are also exploring applications in batteries with a Korean partner,” Baumeler said.

GraphEnergyTech has garnered significant support from influential figures in the scientific community, including Michael Grätzel, a leading innovator in solar panel technology and Baumeler’s PhD supervisor. Grätzel’s involvement has opened doors for the company within the industry.

Uniquely, GraphEnergyTech is a dual spin-out from both the University of Cambridge, through the Cambridge Graphene Centre, and the Swiss Federal Institute of Technology Lausanne.

Frontier IP, an AIM-listed co-founder of GraphEnergyTech, which holds a 23.97% equity stake in the business, is expected to confirm the investment news on Monday.