Verditek, developer of lightweight solar panels in Italy, recently raised GBP 505,750 (USD 663,600/EUR 578,219) before expenses, which it plans to use mainly to fund commercial opportunities announced earlier this year. Some of the proceeds will go towards the joint development program with Paragraf, under which the two are working on a silicon/graphene integrated solar cell.
Earlier this year, the Company announced framework, distribution and collaboration agreements and a number of trials with companies it described as big players in their respective markets.
"Our immediate priorities are focused on converting the product trials we have developed into sales contracts across the key market segments we are focused on," CEO Geoff Nesbitt said.
Verditek's Italian solar factory, which can produce 20 MW of modules annually, has materials to deal with the delays arising from measures taken against the recent coronavirus. It is also prepared to ship products early for near-term trials and installation, Nesbitt noted.