Verditek, a clean technology company, is raising GBP2 million (USD $2.57 million), pre-expenses, for its new solar factory in Italy and a graphene project. The London-based cleantech company said that a UK institutional investor and a European-based family office took part in the placing, without revealing their names.

The funding will support the ramp up of the solar factory in Lainate, Italy and its working capital requirement. At the plant the company will make light-weight solar panels. In addition, Verditek said the proceeds give it additional financial flexibility to pursue the “very promising work” with Cambridge-based technology firm Paragraf as part of their graphene joint venture. The partners said in December 2017 they would work to develop graphene-based solar cells and modules.

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