Heterojunction solar cells are metallised with silver paste, and that step accounts for over 30% of their manufacturing cost, according to the EIC project of Rise Technology. The Rome company, which makes electronic components, set out to replace the silver with copper, deposited by selective plating only where the lines are needed.
The European Innovation Council granted €2,449,440 towards iSPLASH, a €3.5 million project from October 2022 to May 2025, which aimed to "reduce metallisation costs by 90%". The final report says it delivered an automated plating system and water-based copper electrolytes, and that full cells "reached high efficiencies, matching or slightly exceeding silver-based references". Rise has announced no customer for the tool. Its accounts, published by ReportAziende, show revenue falling from €762,096 in 2024 to €352,703 in 2025, and a net loss of €892,025.
Company file
- Legal entity
- Rise Technology S.r.l., VAT IT08882121000, Rome
- Activity code
- ATECO 26.11.00, manufacture of electronic components
- Product
- Selective copper plating tool for heterojunction solar cells
- Website
- The listed site, 2bg.it, shows only a parked-domain page
- EIC project
- iSPLASH, 1 Oct 2022 to 31 May 2025
- EIC funding
- Grant first
Where Rise Technology Stands Now
The company's 2025 accounts, the year the EIC project ended, show total costs of €2.54 million, negative EBITDA of €675,334 and a net loss of €892,025, according to money.it. The website listed for the company in the EIC's beneficiary data, 2bg.it, displayed only a "Registered domain" page when checked in September 2026. We found no press release, trade-show appearance or customer announcement for the iSPLASH tool.
The Technology: Copper Where Silver Was
The project replaces silver with "abundant, low cost copper". iSPLASH plates copper selectively from a water-based electrolyte in an automated tool. The report says cells made this way had a higher fill factor than silver references and kept their mechanical robustness, with lower environmental impact and metallisation cost. It does not give efficiency figures, the cost saving achieved or the number of cells made.
What the EIC Project Promised, and What CORDIS Shows
The project promised "a factory ready selective plating tool" and a 90% cut in metallisation costs. The report describes a working automated system and cell results on a par with silver, which is a technical success. It names no pilot line at a cell manufacturer, no order and no measured cost reduction. CORDIS still lists the project as signed.
- Automated plating toolDeliveredPer final report.
- Efficiency matching silverReportedNo figures given.
- 90% cost cutNot shownNo number reported.
- Industrial adoptionNone announcedNo customer named.
The Money
Rise's revenue was €756,025 in 2023 and €762,096 in 2024, with small profits, before falling to €352,703 in 2025 with an €892,025 loss. The EIC grant alone was about three times the company's 2024 revenue.
What Cannot Be Checked
Questions for the EIC
The efficiency and cost figures behind the report's claims, whether any solar manufacturer has tested the tool, and why the company's revenue fell in 2025 are not public.
Why Europe Should Care
The EIC project tied copper metallisation to lower costs and emissions in solar cell production. The EIC paid for a tool that, by the company's own report, works. Without a buyer or a public trace, the technology has not left the project.
What the project promised
A factory-ready copper plating tool cutting metallisation costs by 90% and eliminating silver.
What the record shows
A working tool, cells on a par with silver, no customer, an offline website and a 2025 loss of €892,025.
The Verdict
Technical success, commercial silence
Rise Technology reports that it solved the problem it was paid to solve. It has not shown anyone buying the answer, and the company itself was smaller and loss-making the year the project ended.
Rise Technology and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.
