Norstel Raises Round

Norstel AB, a Swedish maker of silicon carbide wafers and materials, has raised EUR 15 million in new VC funding. Backers include Northzone Ventures, Eqvitec and Creandum.

PRESS RELEASE

A consortium of Swedish and international investors, including venture capital firms Northzone Ventures, Eqvitec and Creandum, has invested 15 mEUR into the future growth of the Swedish Clean Tech company, Norstel. “It was a very positive reaction from the investment community for the potential of silicon carbide as an energy saving material”, says Iain Jackson, CEO at Norstel.

Norstel AB has today announced the completion of a very significant VC backed funding round. Northzone Ventures, Creandum and Eqvitec have collaborated with a number of international investors, among them the Sixth AP Fund, to provide a new significant investment into Norstel.

The financing round is a significant event for Norstel as it evolves to become a major supplier of silicon carbide wafers and materials. Norstel is engaged in the development of leading edge silicon carbide materials technology. Norstel particularly will supply wafers for use in power electronics where devices implemented with silicon carbide can reduce energy loss by up to 50% compared to the same device manufactured with conventional silicon technology.

“This round of funding provides Norstel with the drive to move to the next level in its development. In addition to continuing to fund our strong R&D progress it provides us with additional needed capital to expand our capacity in our H