Progetto RaySolar (The RaySolar Project) was created at the end of 2005 thanks to the initiative of four members, two researchers having a ten-year experience in the photovoltaic sector and two young economists, one having a business training education and the other one a financial training education. The entrepreneurial idea aims at creating a company which has a new technology of its own: the production of solar grade silicon through an innovative technology related to the purification of metallurgical silicon.
RaySolar s.r.l. was founded in the first half of the year 2006 and its aim was seeking financial resources which are necessary for the trial phase of the newborn technology. Its registered office is located in the so-called SIPRO area of Ferrara, in other words the industrial area.
In June 2007 the venture capital Ingenium fund becomes part of the business system managed by the Italian-Dutch joint venture called Zernike Meta Ventures s.p.a.. This is when the technological research phase will begin operating.
In 2008 RaySolar signs a collaboration contract with the so-called Istitito CNR-IMM of Bologna in order to use laboratories and equipment. During the same year, another three business angels from the region of Lombardy will become part of the venture capital and the first patents will be registered in order to protect the new born technology.