NexWafe Valuation, Funding & Investors

NexWafe is valued at $143M as of May 2023.

Last NexWafe valuation

$143M

Series D · May 2023

Last NexWafe funding round

$32M

Series D · May 2023

Cumulative funding NexWafe raised

$107M

across 7 funding rounds

Key investors in NexWafe

  • Aramco Ventures
  • Lynwood (Schweiz) AG
  • EIT InnoEnergy
  • Reliance New Energy Solar
  • Malcolm Turnbull
  • Fraunhofer Venture

NexWafe Overview

About NexWafe

NexWafe is a Freiburg, Germany solar-manufacturing technology company founded in 2015 as a spin-out from Fraunhofer ISE. It develops epitaxial production methods for monocrystalline silicon wafers used in photovoltaic cells. The process grows wafers directly and is designed to avoid the material loss, energy use and emissions associated with sawing conventional silicon ingots. Solar-cell and module manufacturers are the intended customers for wafers produced at commercial scale. NexWafe plans manufacturing capacity in Germany and has explored additional production partnerships for international markets. The company earns or expects to earn product and technology revenue from the photovoltaic supply chain. Its investors and industrial partners include Reliance New Energy, Aramco Ventures and the German legal entity ATHOS Venture GmbH. The latter identity, expressly named in the 2023 financing, is unrelated to Athos Capital SGEIC in Madrid.


Founded

2015

HQ

GermanyFreiburg

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$143M (May 2023)

NexWafe Valuation

NexWafe is currently valued at $143M, based on its Series D in May 2023. Read the announcement ↗

The $32M round included Keshik Capital, Alex Turnbull, Malcolm Turnbull, Reliance New Energy Solar and Aramco Ventures.

NexWafe valuation by funding round

NexWafe valuation by funding round
DateStageValuation
May 2023Series D$143M

NexWafe Funding History

NexWafe has raised a total of $107M across 7 funding rounds.

NexWafe's first fundraising round was a $7M Series A in March 2016. The most recent completed round was a $32M Series D in May 2023.

NexWafe funding rounds

NexWafe funding rounds
DateStageInvestorsRaisedValuationDeal Summary
May 2023Series DKeshik Capital; Alex Turnbull; Malcolm Turnbull; Reliance New Energy Solar; Aramco Ventures$32M$143MNexWafe is a German deep-tech company specializing in advanced direct gas-to-wafer solar wafer manufacturing technology, offering high material efficiency, low energy consumption, and performance suited for terrestrial and space applications. Founded in 2015 as a spin-off from Fraunhofer ISE, it produces patented green n-type monocrystalline wafers via an epitaxial process that simplifies polysilicon production, reduces energy use and costs, and matches Czochralski wafer performance. On May 31, 2023, NexWafe closed a Series C - III funding round raising $32 million (€30 million) from investors including Alex Turnbull, Aramco Ventures, Athos Capital, Keshik Capital, Malcolm Turnbull, and Reliance New Energy Solar to accelerate construction of its first commercial-scale wafer plant in Bitterfeld, Germany, with initial 50 MW capacity planned for 2027 operations. The funds support breaking ground on the Bitterfeld facility to produce efficient, low-cost green solar wafers for global PV manufacturers, aligning with reshoring efforts via the US Inflation Reduction Act and Europe's Green Deal Industrial Plan. Strategic partnerships underpin growth: Reliance Industries, having invested €25 million ($29 million) in a prior 2021 Series C round, collaborates on commercializing ultra-thin epi-wafers for its Indian gigawatt facility. Aramco Ventures supports a future green wafer plant in Saudi Arabia via its $1.5 billion Sustainability Fund. Subsequent developments include a €26 million equity award under the European Commission's EIC STEP Scale-Up program in November 2025 for Series D, recognizing NexWafe's role in clean energy and advanced manufacturing strategic autonomy, with strong space sector interest for radiation-tolerant wafers.
Apr 2022Series CEcosummit (lead)$7M-NexWafe, a German deep-tech company developing advanced direct gas-to-wafer solar wafer manufacturing technology, closed its Series C funding round in April 2022 with an additional €7.0M (~$7.7M) raise, bringing the total to €39.0M (~$44.6M). Ecosummit participated in this second close alongside investors including Reliance Industries Limited, InnoEnergy, HEMMA Group, and Saudi Aramco Energy Ventures. The funds supported completion of product and technology development for NexWafe’s solar photovoltaic products on prototype lines in Freiburg. NexWafe's epitaxial wafer technology aims to accelerate the renewable energy transition by providing more efficient, lower-cost, greener solar wafers for photovoltaic manufacturers globally, including strategic partners committed to gigawatt-scale implementation. The company focuses on high material efficiency, low energy consumption, and performance suited for terrestrial and space applications. This Series C round built on prior investments and positioned NexWafe for subsequent funding, including a €30M raise in 2023 from existing and new investors like Aramco Ventures and ATHOS Venture to accelerate its first commercial-scale facility in Bitterfeld, Germany.
Oct 2021Series CReliance New Energy Solar (lead); EIT InnoEnergy; Lynwood (Schweiz) AG; Aramco Ventures$37M-NexWafe is a German solar wafer producer developing a patented gas-to-wafer process for monocrystalline silicon wafers, aiming to reduce production costs, energy use, and time compared to traditional methods. The technology supports ultra-thin, high-efficiency EpiWafers for photovoltaic manufacturers and was spun out from Fraunhofer ISE in 2015. In October 2021, NexWafe closed the first tranche of its Series C round, raising approximately $43.5M (equivalent to €39M total Series C including second close in December 2021), with investors including Reliance Industrial Investments and Holdings (investing €25M for 86,887 preferred shares at €287.73 each), Aramco Ventures, EIT InnoEnergy, and Lynwood Capital Partners. Reliance New Energy Solar led with this strategic investment to support commercialization of low-cost solar wafer tech. The Series C funding, totaling €39M across closes, was allocated to complete product and technology development on prototype lines in Freiburg, Germany, accelerating the renewable energy transition with greener, lower-cost wafers for gigawatt-scale implementation by strategic partners. Post-2021, NexWafe continued fundraising, including a Series C-III €30M ($32M) in May 2023 from existing backers like Reliance and Aramco Ventures, plus new investors such as ATHOS Venture, Malcolm Turnbull, and Keshik Capital, to build its first commercial-scale wafer plant in Bitterfeld. In 2025, NexWafe received EU EIC STEP Scale Up funding as part of €171M across eight deep-tech firms.
Feb 2021Series BBantina Invest Ltd.; Fraunhofer Venture; Gap Technology Holding; Lynwood (Schweiz) AG; Aramco Ventures$12M-NexWafe GmbH, a German spinoff from Fraunhofer Institute for Solar Energy Systems ISE founded in 2015, develops EpiNex green high-efficiency monocrystalline silicon wafers compatible with existing solar cell production lines, offering 70% lower carbon footprint, 30% reduced production costs, and enabling ultra-thin wafers. The company raised €10 million ($12 million) in a Series B round on February 4, 2021, from investors including Bantina Invest Ltd., Fraunhofer Venture, Gap Technology Holding, Lynwood (Schweiz) AG, and Saudi Aramco Energy Ventures. Funds support industrialization of EpiNex technology, pilot manufacturing in its 5 MW Freiburg facility, qualification shipments starting in 2021, and partnerships for commercialization.
Dec 2017Series AAramco Ventures (lead); Wermuth Asset Management; Lynwood (Schweiz) AG$10M-NexWafe is a Germany-based developer of epitaxial fabrication technology for monocrystalline silicon wafers used in photovoltaic solar panels. Founded in 2015 as a spin-off from Fraunhofer ISE, the company's proprietary process produces high-efficiency wafers at lower costs than conventional methods, with the ability to create ultra-thin wafers while remaining compatible with existing production equipment. The company closed a €8 million ($9.4 million) financing round in December 2017 led by Saudi Aramco Energy Ventures, with participation from Lynwood (Schweiz) AG and Green Gateway Fund 2. Proceeds were designated for commissioning NexWafe's 5MW wafer production line in Freiburg and conducting initial customer qualifications. The round represented continued investor confidence following prior funding commitments from Lynwood and Saudi Aramco Energy Ventures in earlier stages, as well as a €2.1 million investment from KIC InnoEnergy in early 2017.
Jan 2017SeedEIT InnoEnergy (lead)$2M--
Mar 2016Series ALynwood (Schweiz) AG (lead)$7M-NexWafe GmbH, a spinoff from Fraunhofer ISE, develops EpiWafer technology to produce high-efficiency monocrystalline silicon wafers directly from chlorosilane with low energy and material usage for the photovoltaic industry. The company completed a Euro 6 million Series A financing round on March 7, 2016, led by Lynwood (Schweiz) AG to support commercialization and qualification of EpiWafers with solar cell and module partners. Funds will build a pilot line for partner qualifications before scaling to larger production.

Who has invested in NexWafe?

12 investors have backed NexWafe across its funding rounds, including Aramco Ventures, Lynwood (Schweiz) AG, EIT InnoEnergy, Reliance New Energy Solar, Malcolm Turnbull and Fraunhofer Venture.

Lead investors include Ecosummit, Reliance New Energy Solar, Aramco Ventures, EIT InnoEnergy and Lynwood (Schweiz) AG.


NexWafe Investors

Investors in NexWafe by funding rounds participated
InvestorHQRoundsRoleFirst check
Lynwood (Schweiz) AGSwitzerlandZurich4LeadMar 2016
Aramco VenturesSaudi ArabiaDhahran4LeadDec 2017
EIT InnoEnergyNetherlandsEindhoven2LeadJan 2017
Reliance New Energy SolarIndiaMumbai2LeadOct 2021
Keshik CapitalSingaporeSingapore1ParticipantMay 2023
Alex TurnbullSingaporeSingapore1ParticipantMay 2023
Wermuth Asset ManagementGermanyBerlin1ParticipantDec 2017
Malcolm TurnbullAustraliaSydney1ParticipantMay 2023
Bantina Invest Ltd.CyprusLimassol1ParticipantFeb 2021
Fraunhofer VentureGermanyMunich1ParticipantFeb 2021

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NexWafe Competitors

NexWafe competitors include listed companies like QuickLogic, Riber and Canaan, and private ones like Bomi Technology, e-peas and Novelda.

Public and private companies comparable to NexWafe
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Bomi TechnologyChinaLiaochengPrivate$5M-$145M29.0x
e-peasBelgiumMont-Saint-GuibertPrivate--$147M-
QuickLogicUnited StatesUnited StatesPublicly listed$14M($6M)$147M6.1x
RiberFranceFrancePublicly listed$45M$9M$137M3.1x
NoveldaNorwayOsloPrivate--$150M-
CanaanUnited StatesUnited StatesPublicly listed$530M($158M)$136M0.7x

NexWafe Public Comps

NexWafe is still privately-owned, but its public comps include Ayen Enerji, QuickLogic, Pantheon Resources, Amplify Energy, Supergas Power, Riber, Toplofikatsia Ruse, Canaan, Conpet and Frontier Energy.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Ayen Enerji$157M$39M1.8x-7.5x-
QuickLogic$14M($6M)9.9x6.1x(21.9x)40.8x
Pantheon Resources-($865K)--(158.9x)(11.5x)
Amplify Energy$263M$109M0.5x0.7x1.1x3.0x
Supergas Power$321M$25M1.0x-13.0x-
Riber$45M$9M3.1x3.1x15.1x17.5x
Toplofikatsia Ruse$114M$23M1.2x-6.0x-
Canaan$530M($158M)0.2x0.7x(0.8x)(0.7x)

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Common questions about NexWafe

When was NexWafe founded?NexWafe was founded in 2015.
Where is NexWafe headquartered?NexWafe is headquartered in Freiburg, Germany.
Is NexWafe publicly listed?No, NexWafe is a private, VC-backed company.
What is NexWafe's valuation?NexWafe was last valued at $143M in its Series D in May 2023.
How much funding has NexWafe raised?NexWafe has raised $107M across 7 funding rounds.
What was NexWafe's last funding round?NexWafe's last funding round was a $32M Series D in May 2023.
Who are NexWafe's investors?NexWafe's investors include Lynwood (Schweiz) AG, Aramco Ventures, EIT InnoEnergy, Reliance New Energy Solar, Keshik Capital, Alex Turnbull, Wermuth Asset Management, Malcolm Turnbull, Bantina Invest Ltd., Fraunhofer Venture and 2 others.
Which companies are comparable to NexWafe?Companies comparable to NexWafe include Bomi Technology, e-peas, QuickLogic, Riber, Novelda and Canaan.

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