Investment
TranSiC, a cleantech company spun out from research at Stockholm’s Royal Institute of Technology, develops silicon carbide-based transistors that can power hybrid electric vehicles (HEVs), has received SEK 13 million from Swedish early-stage investor Industrifonden. The investment is part of SEK 24 million round with investors including Volvo Technology Transfer and Midroc New Technology.
HEVs require more power electronics than fuel-driven vehicles as they alternate between electric and combustion motors. TranSiC has developed a power transistor based on silicon carbide which avoids the need for water-based cooling systems because its transistors withstand higher temperatures than conventional silicon transistors.
A sharp increase in manufacture and sales of hybrid electric vehicles is expected by 2015, and some of the world’s leading vehicle manufacturers have already bought TranSiC’s prototypes as demand for the vehicles rises. Stefan Jakélius, of Industrifonden, said: “TranSiC is well ahead of its competitors, which means it has particularly bright prospects.”
Bo Hammarlund, of TranSiC, said: “We are very pleased to attract such a stable long-term investor as Industrifonden. We will use the proceeds of the issue mainly to finance a market launch and set up a sales organisation.”
TranSiC transistor technology is also applicable to solar cell installations, providing more effective alternation between direct current and high-voltage alternating current.
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