University of Cambridge spinout Cambridge Photon Technology (CPT) has raised £1.56 million to advance its photon-multiplier technology, which increases the efficiency of silicon solar panels by converting wasted sunlight into usable energy. 

The funding includes £926,000 in equity investment and a £630,000 grant from Innovate UK, with backing from Cambridge Enterprise Ventures, Spectrum Impact, Tybourne Capital, Providence Investment Company and SourceSquared.

CPT’s innovation acts as a “drop-in solution” that fits into standard solar modules without redesign, converting high-energy photons normally lost as heat into infrared light that panels can absorb. 

The company plans to use the investment to accelerate product development and bring its breakthrough technology to market.