Clean Tech Startup Sofab Inks Scores $6M in Seed Funding Round

The company plans to use the funding to expand its operations and accelerate the development of its products and technology.

As more industries switch to electricity, demand for power continues to grow. Transportation, manufacturing, heating, and AI data centers are all increasing the need for reliable electricity. Since solar is already one of the most affordable sources of new power, it is expected to play a major role in meeting this demand.

Perovskite technology makes utility scale solar panels more efficient while also creating new opportunities beyond traditional silicon panels. Its ultra-thin, lightweight design can be used on flexible materials such as plastics, making it suitable for vehicles, satellites, space applications, and small connected devices where conventional solar panels are not practical.

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One of the biggest challenges for perovskite solar technology has been improving its long-term durability. Sofab was created to solve this problem by replacing the fragile fullerene layer with stronger nanostructured materials that are built to last and can be produced at scale.

Sofab Inks is already working with, or in advanced discussions with, about 90% of the perovskite solar industry. Its partners and potential customers include APS, ASU, Energy Materials Corporation (EMC), Halocell, and SunXT.

APS has worked with Sofab for nearly two years. During that time, the company has seen Sofab make strong progress in turning its ink technology into a commercially viable material while achieving record solar cell efficiency.

According to Miguel Friedrich, CEO of Alpha Precision Systems (APS), Sofab's TinFab material solves an important challenge in perovskite solar cell manufacturing and could help reduce production costs. APS plans to continue working with Sofab to offer customers a complete solution that combines Sofab's materials with APS's coating and drying technology.

"Perovskites are the first materials class that brings tandem solar into range for utility-scale deployment, the segment behind almost all of the roughly 2,800 gigawatts installed worldwide," said Blake Martin, co-founder and CEO of Sofab Inks. "A perovskite cell is only as good as its weakest layer, and the industry has been stuck with C60, a fullerene. It's the largest source of voltage loss in the device and the point where fielded modules crack first.

"Sofab Inks is redefining the ROI of climate investment by making solar panels significantly more efficient than anything available today. The demand for high-performance renewables is skyrocketing in the U.S., fueled by the massive energy requirements of new data centers and the AI infrastructure build-out," said Mahir Sahin, founder and general partner of Cloudberry Ventures.

"Sofab has been an important nanoparticle ink partner during our development of high-performance Perovskite solar cells using high-speed, roll-to-roll equipment. We look forward to working with Sofab as we move toward commercialization." Tom Tombs, CTO at Energy Materials Corporation.

"Choosing the right materials partners is one of the most consequential decisions in next generation solar development. Sofab Inks stood out for their deep expertise in nanoparticle inks and their commitment to enabling low cost, scalable perovskite photovoltaics. This funding milestone is well earned and we are proud to be collaborating with them as both companies grow." Paul Moonie, CEO Halocell Energy Ltd.

About Sofab Inks

Founded in 2022 by Blake Martin, Jack Manzella, Peter Armstrong, and Sashil Chapagain, Sofab Inks develops advanced nanomaterials and specialty inks for the solar industry. The company was spun out of the University of Louisville's Conn Center for Renewable Energy with support from the U.S. Department of Energy. Its high performance electron transport materials and inks help make perovskite solar technology more efficient, durable and ready for large scale commercial production.

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