Solar Cell Repower, a Norwegian company focused on improving the efficiency of solar cells, has raised NOK 10 million ($1.48m) in Series A funding from return backer NorthZone Ventures. It also has secured another NOK 12 million in grants and loans from Innovation Norway.
Solar Cell Repower today announces that the company has completed another funding round – Series A – with NorthZone Venture. Innovation Norway also supports the R&D work in SCR with a grant of 8 MNOK and a favorable loan of 4 MNOK.
The company has in short time developed very quickly, and a strong and experienced team is now in place,” says chairman Tellef Thorleifsson. “We have strengthened our believes that SCR is an interesting case, and it is fun to establish such a spin off in Narvik. NorthZone Venture thus has decided to invest additional 10 MNOK in equity in SCR. In total NorthZone has in the past 6 months invested 17 MOK.”
Innovation Norway has also decided to give a grant of 8 MNOK and a favorable loan of 4 MNOK to SCR in connection with the establishment of the first factory in Narvik. “Innovation Norway has had a thorough process reviewing our application, and the fact that SCR receives such significant support we consider a clear sign of quality, innovation potential, business idea and team” says Thorleifsson. www.scr.no