Quercus Puts Money Into Lightwave: That’s 37 Companies and Counting

Lightwave Power—which wants to make a film that can be added to solar cells to boost efficiency and/or cut manufacturing costs—closed a first round of funding from the secretive Quercus Trust and 21Ventures.

Founded in January of this year, Lightwave is actually part of a new wave of companies that are getting into solar without necessarily making solar cells. Instead, they are concentrating on films or other additives that will improve the performance of cells. Some of these companies might make solar cells too, but licensing seems destined to play a part in the business plan. 1366 Technologies, for instance, will make solar cells but it will also license the technology for texturing silicon inside cells to capture light. Sionyx has something similar. NetCrystal, meanwhile, stretches silicon so the material will be better exposed to light.

Licensing has its advantages. Companies don’t have to build their own mass manufacturing plant. Then again, getting a large manufacturer to adopt a startup’s technology and then pay for it is often an uphill challenge. In semiconductors, you usually have to sue someone in court and win before they pry the wallet open.

The Lightwave investment marks the 37th confirmed investment I’ve counted for Quercus, the green VC fund founded by multimillionaire math whiz David Gelbaum. Gelbaum made a fortune devising algorithms for hedge funds. Now, he spends his time giving to charitable causes and funding companies. Some are already active in the market (GridPoint) while others are probably still a few years off (Hydro Green Energy.)

We put a list together in early November with 34 confirmed investments. Since then, we and readers have turned up investments in Evolution Robotics and Cool Earth Solar. The firm may also have investments in Valcent Products (biofuels) and Composite Tech.