Solar Materials and the EIC Accelerator: Mining Old Solar Panels

Solar Materials, founded in 2021 and based in Magdeburg, recycles end-of-life solar panels with a patented thermo-mechanical process that separates them layer by layer, recovering silver, silicon, copper, aluminium and glass instead of shredding them and losing the valuable materials. It was selected in the EIC Accelerator's June 2023 cut-off with blended finance and received an EU grant of €2.08 million for PRISM, a €2.98 million project from April 2024 to March 2026 to take the process from pilot to industrial scale, according to CORDIS.

The only public report, to December 2024, says a large-scale recycling campaign validated throughput and "over 95% material recovery, including silver and silicon", and that the first commercial plant, "operating at one minute per panel", was being built, according to the CORDIS reporting page. The company opened what it calls "the first industrial recycling line dedicated exclusively to solar modules" in April 2025 and reported an annual capacity of 14,000 tonnes in December 2025, planning to triple capacity in 2026, according to Solar Materials.

Where Solar Materials Stands Now

In April 2026 Solar Materials secured up to €20 million in a Series B, with a first closing of €15 million, bringing in the EIC Fund and NOVA by Saint-Gobain as new investors alongside existing backers, according to Solar Materials. Saint-Gobain uses the company's recycled glass in its float glass production. In March 2026 it agreed with the Dutch e-waste firm 2Recycle to collect panels across the Benelux for recycling in Magdeburg, starting with a pilot phase, according to Solar Materials. Its net loss grew to €1.61 million in 2024, according to accounts summarised by North Data; revenue is not published.

The Technology: Recycling Beyond Glass and Aluminium

Most panel recycling today recovers bulk glass and aluminium and loses the silver and silicon, which are the most valuable parts, the report says. Solar Materials heats and mechanically delaminates panels so each layer comes off separately, without chemicals or pyrolysis, and says its fees are half those of competitors. Its process works on crystalline silicon panels, which the company says make up more than 95% of those installed.

What the EIC Award Promised, and What the Record Shows

The award aimed to take the process from pilot to industrial scale. The industrial line opened during the project, capacity exceeded the 10,000 tonnes planned in 2024, and the company has signed glass and collection partnerships. The recovery rate is the company's own figure, and there is no final report; revenue and profitability are not public.

1. Industrial recycling plantDeliveredApril 2025.
2. Silver and silicon recoveryDeliveredOver 95%, per report.
3. Capacity scale-upDelivered14,000 t a year.
4. Expansion abroadStartedBenelux pilot, 2026.

The Money

The EU covered 70% of the project. Solar Materials raised a €12.2 million Series A in June 2024 "with an additional grant component of the EIC Accelerator", according to Solar Materials, and its registered share capital rose in October 2024 and April 2026. The size of the EIC Fund's stake has not been disclosed.

What Cannot Be Checked

Why Europe Should Care

Every solar panel installed in Europe will one day need recycling, and the company calls silicon and silver "critical resources". A domestic process that recovers them turns waste into supply. Solar Materials says it has built the first line of its kind; the EIC funded the step and now owns part of the company.

The Verdict

Solar Materials and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.