Toronto: A Canadian company aided by the MaRS Centre has received funding to bring a quantum dot technology to market that could raise solar cell output by 20%, the partners say. That is, adding the technology to a good-quality conventional solar cell functioning at an efficiency of 20% would add 20% x 20% = another 4%, for a total efficiency of 24%.
QD Solar, a Canadian technology company created by MaRS Innovation and the University of Toronto, announced February 13 the closing of $2.5 million Series A funding led by DSM Venturing, with matching investment participation from existing investors, MaRS innovation and KAUST Innovation Fund. QD Solar was a winner of the 2016 SunRISE TechBridge Challenge, a competition organized by Royal DSM, Fraunhofer and Greentown Labs to realize innovations in Solar Energy.
QD Solar's proprietary quantum dot-based solar cells use nano-engineered, low-cost materials that can absorb otherwise wasted infrared light. The QD Solar product would operate as an insert into conventional silicon solar panels. The world-leading underlying solar technology was developed in the Nanomaterials for Energy Laboratory, part of the Department of Electrical and Computer Engineering at the University of Toronto. QD Solar was incubated by MaRS Innovation since 2014. Inserting QD Solar's product into solar panels has the potential to boost overall power generation by 20 per cent.
The development of the technology is also supported by project funding that was announced in March 2016 from Sustainable Development Technology Canada (SDTC) through a $2.5M grant, and through the generous support of the Ontario Research Fund (ORF).
In collaboration with the University of Toronto's Innovations & Partnership Office, MaRS Innovation says it has been instrumental in bringing the nascent technology to the stage of market readiness by, among other things, providing seed funding, patent protection and nurturing the relationship with international industry partners and investors through a strong go-to-market strategy.
For more information, see: http://qdsolarinc.com/.
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