QD Solar, a Canadian technology company created by MaRS Innovation and the University of Toronto, announced today the closing of a C$2.5M Series A funding led by DSM Venturing, with matching investment participation from existing investors, MaRS innovation and KAUST Innovation Fund.
The development of this technology is also supported by project funding that was announced in March 2016 from Sustainable Development Technology Canada (SDTC) through a C$2.5M grant, and through the generous support of the Ontario Research Fund (ORF).
QD Solar is a winner of the 2016 SunRISE TechBridge Challenge, a competition organized by Royal DSM, Fraunhofer and Greentown Labs to realize innovations in Solar Energy. The QD Solar product, an insert into conventional silicon solar panels based on QD Solar’s world leading quantum dot technology that captures the currently wasted infrared energy, has potential to increase energy output of solar panels by 20%, and therefore lead to significant cost savings.
In collaboration with the University of Toronto’s Innovations & Partnership Office, MaRS Innovation 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.
“We’re delighted to see QD Solar and this novel technology created at The University of Toronto receive this substantial investment from Canadian and international sources to advance their bold vision for a new clean energy product,” said Derek Newton, U of T’s assistant vice-president of innovation, partnerships and entrepreneurship.
“MaRS Innovation worked closely with the University of Toronto to found, seed-fund, and incubate QD Solar, because of the game-changing potential of the technology,” said Rafi Hofstein, President and CEO of MaRS Innovation. “We are thrilled to see this endorsement of the company, and the technology, from leading investors like DSM and KAUST, as well as the Government of Canada, through SDTC.”
“Thanks to the concerted efforts of the University of Toronto and MaRS Innovation, QD Solar has quickly gone from early stage to market ready,” said Reza Moridi, Ontario’s Minister of Research, Innovation and Science. “Our government is committed to supporting ground-breaking technologies like this that have the potential to create highly skilled jobs and keep the environment clean and healthy for people here and across the globe.”