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Silicon carbide startup raises $24 million with 'cleantech' pitch
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EE Times Europe


LONDON — Norstel AB, a Swedish spinoff from Finnish silicon wafer manufacturer Okmetic Oyj in February 2005, has raised 15 million euros (about $24 million) from a consortium of Swedish and international investors, including venture capital firms Northzone Ventures, Eqvitec and Creandum.

Norstel (Norkopping, Sweden) is engaged in the development of silicon carbide wafers and plans to supply wafers for use in power electronics where devices implemented in silicon carbide can reduce energy loss by up to 50 percent compared to the same device manufactured with conventional silicon technology.

Norstel describes itself as a "cleantech" company. "Norstel have a pivotal role to play in the future of power electronics. The automotive industry is extremely receptive to energy-saving solutions for power electronics especially in all classes of hybrid vehicles. We see this round as the next step to a very exciting future for Norstel," said Hasse Johansson, chairman of the board of directors, in a statement.

Speaking of the funding round Iain Jackson, CEO at Norstel, said: "It was a very positive reaction from the investment community for the potential of silicon carbide as an energy-saving material."

Jackson said the money would be used to fund R&D progress and to expand capacity in a silicon carbide wafer manufacturing facility.

Related articles:

Swedish startup opens silicon carbide plant

Silicon carbide ready for prime time

Swedish silicon-carbide startup raises $600,000






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