Norstel attracts 15 mEUR in financing
Norrköping, Sweden, 18 March, 2008

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 Händelo facility. We received excellent support from our current investors but also attracted a lot of new interest", stated Iain Jackson Norstel CEO.

Chairman of the board Hasse Johansson also commented on the successful conclusion of the financing round "Norstel have a pivotal role to play in the future of power electronics. The automotive industry is extremely receptive to energy saving solutions for power electronics especially in all classes of hybrid vehicles. We see this round as the next step to a very exciting future for Norstel."

For further information please contact:

 
  Iain Jackson, CEO Norstel AB, tel: +46 11 21 17 45, e-mail: iain.jackson@norstel.com Jörgen Bladh, General partner Northzone Ventures, tel: + 46 707 30 70 50, e-mail: bladh@northzone.com Hasse Johansson, Group Vice President Research and Development, tel: +46 8553 821 22, e-mail: hasse.johansson@scania.com