1 The EIC Accelerator Project

EIC Accelerator Program: Overview and Details

The EIC Accelerator program is part of the European Innovation Council (EIC), designed to support small and medium-sized enterprises (SMEs) and startups in developing and scaling innovative technologies. This program aims to foster the growth of deep-tech companies within the European landscape, addressing challenges in sustainability and technological advancement. The EIC Accelerator provides a unique blend of funding options, including grants and equity investments, which are essential for driving innovation and market penetration.

Funding Structure

The EIC Accelerator offers a blended finance model, combining grants and equity investments. Eligible companies can receive a grant of up to €2.5 million, aimed at supporting project development and market introduction. This grant is designed to cover costs associated with the development phase and mitigate financial risks.

In addition to the grant, the program provides equity funding, which can be vital for scaling operations. Until 2024, the EIC Accelerator allows for equity investments of up to €15 million. From 2025 onward, this amount will decrease to a maximum of €10 million. This financial structure is geared toward facilitating growth, enabling companies to leverage additional private sector funding and attract further investment.

Role in the DeepTech and Startup Ecosystem

The EIC Accelerator plays a crucial role in the European startup ecosystem by supporting innovative companies that are often at the forefront of technology and sustainability. Its primary objectives include:

Case Study: SOLAR MATERIALS GmbH and Project PRISM

Company Overview
SOLAR MATERIALS GmbH, based in Germany, is a pioneering company focused on sustainable solutions for solar energy technologies. Its innovative approach addresses critical challenges in the solar industry, particularly concerning material sustainability and recycling.

Project Description: PRISM
The project acronym PRISM stands for "Panel Recycling and Integrated Solar Material." This initiative aims to develop a comprehensive solution for recycling solar panels, which is increasingly important as the number of decommissioned panels rises. PRISM seeks to create a closed-loop system that not only recycles materials from old panels but also integrates these materials into new solar products, thereby reducing waste and promoting sustainability.

Technology Background
The PRISM project utilizes advanced technologies to extract valuable materials from used solar panels, such as silicon, silver, and various metals, which can be reused in the manufacturing of new solar panels. This recycling process is crucial as it addresses the environmental concerns associated with solar panel disposal, which can lead to significant waste if not managed properly.

The technology focuses on developing efficient methodologies for material recovery while ensuring the quality and performance of recycled materials meet industry standards. By integrating renewable materials into the solar production cycle, SOLAR MATERIALS GmbH aims to reduce reliance on virgin materials, thus lowering the carbon footprint associated with solar panel manufacturing.

The project aligns with global sustainability goals, ensuring that the transition to renewable energy sources is not only effective but also environmentally responsible. The successful implementation of PRISM could set a precedent in the solar industry, demonstrating that sustainability and innovation can go hand in hand.

Funding Milestones
SOLAR MATERIALS GmbH submitted its Step 2 proposal for the EIC Accelerator program on June 21, 2023, successfully progressing to the Step 3 interview, where it ultimately secured funding. The combination of grant and equity funding from the EIC Accelerator will significantly bolster the company's efforts to scale its operations and enhance its technological capabilities.

Conclusion

The EIC Accelerator program serves as a vital catalyst for innovation within the European deep-tech and startup ecosystem. By providing substantial financial support and facilitating connections with private investors, the program empowers companies like SOLAR MATERIALS GmbH to develop groundbreaking solutions that address pressing environmental challenges. The PRISM project exemplifies the potential of blending technology and sustainability, paving the way for a more responsible future in solar energy.

2 The Funding Rounds

SOLAR MATERIALS GmbH: Funding and Financing Timeline Since EIC Accelerator Win

Company: SOLAR MATERIALS GmbH
Country: Germany
EIC Accelerator Step 2 Submission and Step 3 Interview Success: June 21, 2023

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Financing Raised and Funding Rounds

Seed Funding Round (2023)

• Amount Raised: €2.5 million
• Timing: Announced March 9, 2023
• Investors:
• Lead: bmp Ventures (with IBG RKF III GmbH & Co. KG)
• New Investors: Katapult VC (Norway), FirstImagine!
• Purpose/Use of Proceeds: Construction of the first automated solar panel recycling plant in Magdeburg with a capacity of approximately 3,000 tons/year. The facility was scheduled to begin operations in late 2023.
• Details: This round marked a significant milestone as it enabled commercial-scale recycling operations and demonstrated technical proof-of-concept.

Series A Funding Round (2024)

• Amount Raised: €12.2 million
• Timing: Announced June 4, 2024
• Investors:
• Existing Investors:
• bmp Ventures with IBG funds
• Katapult VC
• First Imagine!
• Additional Grant Component:
• EIC Accelerator grant contributed as part of the financing package.
• Purpose/Use of Proceeds:
• Construction of the first industrial-scale recycling plant in Magdeburg.
• Expansion to increase annual recycling capacity to over 10,000 tons (about half a million solar panels).
• Site commissioning planned for May 2025; blueprint for international expansion; plans for additional sites in southern Germany underway.

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Investor Information

Investor	Type	Participation
bmp Ventures	Venture Capital Fund	Seed & Series A
IBG Funds	State Investment Fund/Syndicate Partner with bmp Ventures	Seed & Series A
Katapult VC	Climate Tech-focused Venture Capital / Accelerator from Norway	Seed & Series A
First Imagine!	Impact Venture Capital Fund focusing on cleantech innovation	Seed & Series A

Katapult VC’s involvement dates back to its initial investment in SOLAR MATERIALS during their selection process for their climate tech accelerator cohort in early stages. Both rounds saw strong participation from existing investors as well as grant support via the EIC Accelerator.

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Company Valuations

No public disclosures regarding explicit company valuations have been made at either funding round stage or following these investments.

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Exit Events

As of May 2025:

• No Initial Public Offering (IPO) has occurred.
• No acquisition or buyout events have taken place.

SOLAR MATERIALS remains an independent private company focused on scaling up industrial operations and expanding internationally.

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Summary Table: Key Funding Rounds Since EIC Accelerator Cut-off

Date	Round	Amount (€ millions)	Key Investors	Purpose
Mar. 9, 2023	Seed	€2.5	bmp Ventures/IBG Funds, Katapult VC, FirstImagine!                                                                                                                                                                       New pilot line construction (~3000 t/year capacity), market entry
Jun. 4, 2024	Series A             €12.2 bmp Ventures/IBG Funds, Katapult VC, FirstImagine!, EIC grant component Build first industrial plant (~10k t/year), scale-up & blueprint global rollout

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Exit Status

As per current records through May 05, 2025: No IPOs or exit transactions reported. The business is progressing toward scale-up rather than exit.

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Sources

Solar Materials to build industrial-scale recycling plant... – BMP SOLAR MATERIALS announce EUR 2.5M financing round – Invest Saxony-Anhalt Seed Funding Round Announcement – Solar Materials SOLAR MATERIALS EUR 2.5M closing – BMP

3 The Press Releases

Overview of SOLAR MATERIALS GmbH

SOLAR MATERIALS GmbH, a German cleantech startup based in Magdeburg, has been at the forefront of solar panel recycling technology. The company has gained significant recognition for its innovative approach to recycling, particularly after securing funding from the EIC Accelerator program in June 2023.

Technology Advancements

SOLAR MATERIALS has developed a layer-by-layer thermo-mechanical process for solar panel recycling, which differs significantly from traditional shredding and sorting methods. This technology allows for the recovery of valuable raw materials, such as silver, and has been likened to a reverse production line rather than a conventional recycling solution. The company's focus on recovering silver, the most valuable material in solar panels, has been crucial to its success.

Funding and Projects

In June 2023, SOLAR MATERIALS received up to €6.6 million from the EIC Accelerator program for its PRISM project. This funding is aimed at scaling up the company's recycling technology and establishing an industrial-scale commercial PV module recycling plant in Germany. The PRISM project follows the development of a pilot line capable of processing 3,000 tons annually. With the EIC funding, SOLAR MATERIALS plans to increase this capacity to up to 8,000 tons, addressing the growing need for solar panel recycling in Europe.

Additionally, in 2023, SOLAR MATERIALS successfully closed a seed funding round of €2.5 million, further supporting its commercial recycling efforts. This funding has enabled the company to enhance its technology and build its first automated solar recycling line in Saxony-Anhalt.

Team and Leadership

The company's co-founders, Jan Bargel, Fridolin Franke, and Dr. Jan-Philipp Mai, have been instrumental in shaping SOLAR MATERIALS' innovative approach. Dr. Jan-Philipp Mai, in particular, has emphasized the importance of understanding the technical challenges and developing a solution that prioritizes commercial viability and sustainability.

Press Releases and Updates

SOLAR MATERIALS regularly shares updates on its website and social media channels. The company's latest news includes details about its EIC Accelerator funding and the progress of its PRISM project, highlighting its commitment to revolutionizing solar module recycling and contributing to a more circular solar energy sector.

Partnerships and Future Plans

While specific partnerships are not detailed in the available information, SOLAR MATERIALS' success in securing significant funding suggests that it is well-positioned to collaborate with industry stakeholders and further develop its technology. The company's plans to expand its recycling capacity and enter new markets are aligned with Germany's pioneering role in solar energy, allowing SOLAR MATERIALS to lead the solar recycling revolution in Europe.

Sources

• EIC Accelerator winners and statistics June 2023: 47 European deeptech startups awarded 349€ million
• Innovation Interview: SOLAR MATERIALS on leading the solar recycling revolution
• EIC Accelerator - SOLAR MATERIALS
• Seed Funding Round 2023 - SOLAR MATERIALS

4 The Technology Advancements

SOLAR MATERIALS GmbH: Advancements Post-EIC Accelerator Funding

SOLAR MATERIALS GmbH, a Magdeburg-based cleantech startup specializing in solar panel recycling, has significantly advanced its operations since securing EIC Accelerator funding. The company’s €6.6 million grant under the PRISM project (announced in 2023) has accelerated its industrial-scale efforts to address Europe’s growing solar waste crisis. Here are the key developments:

Current Capabilities

• Recycling Capacity: Prior to 2024, SOLAR MATERIALS operated a pilot line processing 3,000 tons of solar panels annually. By mid-2024, the company began constructing its first industrial-scale plant in Magdeburg, set to commission around May 2025 with a capacity of 10,000 tons/year.
• Technology: Their patented thermo-mechanical process recovers 98% of materials, including silver (>90%), silicon (>95%), and high-purity glass. The method avoids chemicals and reduces CO₂ emissions by 3.1 tons per ton recycled.
• Market Position: Certified as Germany’s leading recycler since 2023, SOLAR MATERIALS claims dominance in Europe’s largest solar panel recycling market.

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Post-EIC Accelerator Progress (Mid-2023 Onward)

• The €12.2 million Series A round (closed June 2024) enabled construction of the Magdeburg facility and plans for a second site in southern Germany for “primary treatment”.
• The PRISM project aims to scale capacity further to 8,000 tons within 18 months of funding approval (by late 2024/early 2025), targeting Germany’s surging waste volumes.

• While no new patents or studies are explicitly cited post-2023, SOLAR MATERIALS emphasizes refining its layer-by-layer infrared heating process to enhance material purity and energy efficiency under PRISM.
• Recovered materials now require up to 95% less energy than virgin resources while reducing carbon footprints by ~80%.

The fully automated pilot line (operational since 2023) processes thousands of panels annually for clients across Germany. No clinical trials apply here; validation comes via certifications and partnerships with investors like bmp Ventures and First Imagine!⁴.

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Future Outlook

SOLAR MATERIALS plans global expansion using its Magdeburg plant as a blueprint. With EU backing and rising demand for circular solutions in photovoltaics—particularly amid silver shortages—the company is poised to capitalize on Europe’s push toward sustainable energy independence⁴¹⁰.

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Sources

SOLAR MATERIALS Home | New Recycling Line Announcement | SET100 Database Profile | Recycling Capacity Expansion Update | EIC Accelerator Funding Announcement

5 The Partnerships and Customers

SOLAR MATERIALS GmbH: Partnerships and Developments Since EIC Accelerator Funding

Overview of SOLAR MATERIALS GmbH

SOLAR MATERIALS GmbH is a cleantech startup from Magdeburg, Germany, specializing in the recycling of solar panels. The company has developed an innovative thermo-mechanical recycling technology, allowing for the efficient recovery of raw materials from end-of-life solar modules. This technology is crucial for creating a circular economy within the solar industry.

Partnerships and Collaborations

SOLAR MATERIALS has built a strong network of industrial and scientific partners across the solar, raw materials, and engineering sectors. Key investors and partners include bmp Ventures, IBG RKF III GmbH & Co. KG, FirstImagine!, and Katapult. The company also collaborated with Evolution to secure EIC Accelerator funding from Horizon Europe, enhancing its position in the solar recycling sector.

New Partners and Customers

While specific new customer names are not detailed, SOLAR MATERIALS has established itself as a leader in the European recycling market. The company plans to expand its operations, potentially attracting new customers and partners as it increases its recycling capacity. The recent EIC Accelerator funding and Series A round investments indicate significant support from existing investors, suggesting that new partnerships may emerge as the company grows.

Nature and Purpose of Relationships

SOLAR MATERIALS' relationships focus on advancing its recycling technology and scaling operations. Partnerships like those with bmp Ventures and Evolution help secure funding and strategic support, enabling the company to build industrial-scale recycling facilities. This expansion aims to increase recycling capacity, thereby contributing to a more sustainable solar industry.

Market Positioning and Advancements

The new relationships and funding will position SOLAR MATERIALS GmbH as a key player in the solar panel recycling market, both in Europe and globally. The company's ability to recycle solar panels efficiently will enhance its market presence, particularly as demand for recycled materials grows. Technologically, these partnerships will support the refinement and scaling of SOLAR MATERIALS' recycling technology, allowing for increased efficiency and capacity.

Scaling and Technology Advancements

The scaling efforts, supported by recent funding rounds, will enable SOLAR MATERIALS to increase its annual recycling capacity significantly. For instance, the company plans to raise its capacity to 10,000 tons per year with a new industrial-scale plant. This expansion will not only enhance technology through practical application but also provide valuable insights into operational efficiency and material recovery rates.

Conclusion

Since receiving the EIC Accelerator funding in June 2023, SOLAR MATERIALS GmbH has strengthened its partnerships and expanded its operations significantly. These developments are crucial for advancing the company's technology and market presence, contributing to a more circular solar industry.

Sources: - SOLAR MATERIALS Home

• Innovation Interview: SOLAR MATERIALS
• SOLAR MATERIALS increases recycling capacity
• Seed Funding Round 2023
• SOLAR MATERIALS announce EUR 2.5 million funding

6 The Hiring and Company Growth

Scaling a Circular Solar Economy: SOLAR MATERIALS GmbH’s Growth Post-EIC Accelerator Funding

SOLAR MATERIALS GmbH, a Magdeburg-based cleantech startup, has solidified its position as a leader in solar panel recycling since securing EIC Accelerator funding. While specific headcount figures are not publicly disclosed, the company’s growth trajectory is evident in its operational milestones and hiring activities.

Team Expansion and Hiring

The company announced the creation of 20 new jobs at its Magdeburg industrial-scale recycling plant, which is set to commission around May 2025. This expansion aligns with their goal to increase annual recycling capacity to 10,000 tons (500,000 panels) and reflects rising demand for their services. Although current team size remains unspecified, recent job creation indicates focused scaling efforts in technical and operational roles.

Growth Trajectory

Since its founding in 2021 as a spin-off of JPM Silicon, SOLAR MATERIALS has progressed from pilot-scale operations to commercial recycling. By late 2023, it became fully certified for waste treatment and immediately faced overwhelming demand. The €12.2 million Series A round (June 2024) accelerated this growth, enabling the Magdeburg plant build-out and plans for a second site in southern Germany.

Key Positions and Future Impact

New hires are likely concentrated on process engineering, plant operations, and logistics, critical for deploying their thermo-mechanical technology across multiple sites. These roles will support the company’s blueprint strategy for international expansion, particularly targeting Asia-Pacific markets where solar waste volumes are projected to surge post-2030.

Leadership Stability

The founding team—including Dr. Jan-Philipp Mai (idea generator), Fridolin Franke (commercial lead), and Jan Bargel (technical lead)—has remained intact through funding rounds. Their continuity ensures adherence to the core mission: enabling circularity by recovering >98% of raw materials from panels while reducing CO₂ emissions by 3.1 tons per ton recycled.

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Sources

• SOLAR MATERIALS increases annual recycling capacity
• Developing green silicon: A European startup's vision
• Seed Funding Round 2023

7 The Media Features and Publications

Overview of SOLAR MATERIALS GmbH

SOLAR MATERIALS GmbH, a German cleantech startup, has been gaining significant attention for its innovative solar panel recycling technology. The company, based in Magdeburg, Germany, received funding from the EIC Accelerator in June 2023. Since then, SOLAR MATERIALS has been actively expanding its operations, enhancing its recycling capacity, and participating in various media and industry events.

Media Features and Publications

SOLAR MATERIALS has been featured in several publications, including:

• TaiyangNews: Highlighted the company's scaling operations with a new industrial plant in Magdeburg, expanding its recycling capacity to 10,000 tons annually.
• Solar Materials' Official News: Announced the successful closing of its EUR 12.2 million Series A round, which enabled the construction of an industrial-scale recycling plant.
• Fastmarkets: Discussed the company's vision for recycling solar panels and developing green silicon.

Interviews and Podcasts

There is no specific mention of SOLAR MATERIALS' team participating in podcasts or interviews since receiving the EIC Accelerator funding. However, the broader solar industry is covered in various podcasts like The Sounds of Solar, which explores engineering and clean energy topics.

Conferences and Events

Information on SOLAR MATERIALS' participation in conferences or fairs is not readily available. However, events like the Solar Energy Conference organized by TÜV Rheinland highlight the importance of solar energy and related technology advancements in the industry.

Company Involvement in Events

While specific details about SOLAR MATERIALS' participation in events are not available, the company's growth and expansion plans suggest potential involvement in future industry events to promote its solar panel recycling solutions.

Sources

• SOLAR MATERIALS increases the company's annual recycling capacity
• Solar Panel Recycling By Solar Materials
• Seed Funding Round 2023
• Developing green silicon: A European startup's vision for solar panel recycling
• The Sounds of Solar
• Solar Energy Conference Program