Capricorn Cleantech Fund and Gimv have co-led the first round of funding for NovoPolymers, a belgian clean tech startup, with €1.5 million each. The investment is geared towards the production and commercialisation of a transparent polymer for encapsulating photovoltaic cells.
Founded in 2008, NovoPolymers focuses on developing and producing innovative polymer films that are used for laminating breakable solar cells. This laminate protects the fragile solar cells against shocks, humidity and degradation by UV radiation. The potential clients of NovoPolymers are producers of solar panels who want to incorporate solar cells into durable applications. Currently, NovoPolymers has two marketable products that are being tested by several leading European producers of photovoltaic panels.
Headquartered in Aartselaar, Antwerp, the company expects to employ 15 peoples in two years.
“NovoPolymers could not be starting-up at a better moment,” said Paul Decraemer, head of the Capricorn Cleantech Investment Practice. “It is now the right time to create a technology and production platform that will be ready in time to cope with the next wave of growth in this sector, which is expected as of the end of 2010.”
“We have developed a first product family, NovoVellum, which appears to be resonating well with potential users,” said Johan Declerck, CEO of NovoPolymers. “Our novel way of formulating allows us to bring cost-effective films to the market, allowing module producers to reduce assembly times by 25 per cent.”
NovoPolymers is also developing solutions for emerging photovoltaic technologies such as concentrator and organic photovoltaics, alongside its product for encapsulating traditional crystalline silicon and thin film solar cells.
