QD Solar raises $2.55 million from Sustainable Development Technology Canada

QDSolar

QD Solar, which was created by the University of Toronto and MaRS Innovation, has received $2.55 million from the federal government through its Sustainable Development Technology Fund.

QD Solar creates proprietary quantum dot-based solar cells using nano-engineered, low-cost materials that can absorb otherwise wasted infrared light. Targeting the solar panel industry, the technology was developed in the Nanomaterials for Energy Laboratory, part of the Department of Electrical and Computer Engineering at University of Toronto.

Nanoleaf and Nano One were also two Toronto-based startups that received significant rounds of funding through this fund.

“With the SDTC funding, QD Solar has the resources to advance, develop, test and de-risk our solar cells while concurrently developing and scaling up the manufacturing processes needed to economically bring this technology to market,” says Dan Shea, CEO of QD Solar, a former executive with Celestica and Blackberry. “The SDTC’s endorsement is great news for our game-changing technology and the business opportunity it presents for Canadian energy and manufacturing.”

Joel Liederman, vice-president of physical sciences for MaRS Innovation, said that MaRS Innovation worked with the University of Toronto’s Innovations & Partnership Office to develop a strong patent portfolio while advancing this technology with $600,000 in proof-of-principle and seed funding.

“We also developed a compelling go-to-market strategy to enter this uniquely challenging sector, made investor introductions, and helped to recruit Dan Shea to the company,” Liederman said. “After concluding the work funded by this SDTC investment, we’re confident QD Solar’s solar cells will be market-ready for private sector investment and product launch. I’d also like to recognize Sjoerd Hoogland and David Asgeirsson for their work in launching this exciting company.”