German solar wafer maker NexWafe has raised €30m in funding from its existing group of investors, which include Reliance New Energy, Aramco Ventures and ATHOS Venture.

The financing round also saw the participation of new investors, including Malcolm Turnbull and Keshik Capital.

NexWafe has plans to raise additional funding later this year.

The investment will be used to build its first commercial-scale facility in Bitterfeld, Germany.

NexWafe CEO Davor Sutija said: “This investment marks the start of NexWafe’s plan to raise substantially larger funds in the second half of 2023.

“The funds will be used to break ground on NexWafe’s first commercial facility to speed the renewable energy transition with more efficient, lower cost, green solar wafers for the world’s photovoltaic manufacturers.”

The proposed facility will produce high-performance N-type monocrystalline silicon wafers for photovoltaics using NexWafe's multi-patented, proprietary manufacturing process.

The manufacturing solution offers scalable and reduced-cost production, low silicon waste and is expected to save 75% of carbon-dioxide emissions usually released in the process.

The company's innovative manufacturing process produces wafers that can be customised to meet the specific requirements of each customer.

This will allow solar cell manufacturers to optimise cell performance and achieve a higher level of efficiency.

Furthermore, NexWafe has partnered with Aramco Ventures to explore the development of a green solar wafer manufacturing facility in Saudi Arabia.