Frontier IP Group PLC (AIM:FIPP) portfolio group GraphEnergyTech has raised £1 million through the company's first external equity funding round.
Led by Aramco Ventures, a part of oil giant Saudi Aramco, proceeds will be used to accelerate the development and scale-up of GraphEnergyTech's advanced high-conductivity graphene electrodes.
These are used in solar cells, where graphene can replace silver electrodes.
Silver is the most commonly used electrode material today, but research has predicted that the rising demand for solar power means global reserves could be exhausted by 2050.
GraphEnergyTech says its graphene alternatives cost significantly less to make than silver electrodes with other potential applications in batteries, supercapacitors, LED lighting and displays.
GraphEnergyTech was co-founded by Professor Michael Grätzel of the Ecole Polytechnique Federale de Lausanne (EPFL), inventor of the dye-sensitised solar cell, Professor Andrea Ferrari (NYSE:RACE), founder and director of the University of Cambridge Graphene Centre, and Frontier IP.
Professor Grätzel is ranked among the world's most cited scientists across all fields and is behind more than 120 patents resulting from his research, Frontier said.
Thomas Baumeler, GraphEnergyTech's CEO, stated: "We are very happy with the fundraising results and the investment from Aramco Ventures. The money will allow us to take the development of our advanced graphene electrodes to the next level."
Frontier IP chief executive Neil Crabb added: "The investment from Aramco Ventures represents a strong endorsement of GraphEnergyTech's technology and the quality of its electrodes."
Following this funding round, Frontier IP will hold a 23.97% equity stake in GraphEnergyTech.