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07/23/2008 07:44 AM
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Dye-Sensitized Thin Film Solar Company Receives $30M
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U.K.-based solar energy company G24 Innovations (G24i) has raised a further $30 million, through an investment by the renewable and alternative energy fund, 4RAE. This is the second major funding announcement in the last two months following a $20 million investment by Morgan Stanley Principal Investments in June.
G24i says it is the first company to commercially
manufacture next generation Dye-Sensitized Thin Film solar cells, an
alternative to traditional silicon solar cells.
Dye-Sensitized
Thin Film solar cells are unique in that they are extremely
lightweight, durable, and produce electricity in low-light and indoor
conditions. As a result, G24i's advanced solar cells hold potential for
powering mobile electronic devices such as mobile telephones, cameras,
and portable LED lighting systems.
G24i's proprietary high
speed roll-to-roll manufacturing process allows for large volume
production at its 23 acre, 187,000 square foot facility.
The company is seeing growing interest in its next generation Dye
Sensitised Thin Film technology as it expands the number of product
applications available for its lightweight and flexible solar cells.
G24i will use the investment to facilitate its rapid expansion of
production and sales capability.
Commenting, Robert Hertzberg, Chairman of G24 Innovations, said, "This is an important and major step in the development of our business. It is a huge endorsement for G24 Innovations that 4RAE is investing in the company."
Marcel van Poecke of 4RAE said, "This is a perfect start for 4RAE. We are launching the fund with the objective of backing businesses with smart technology, such as G24 Innovations, that have a strong competitive position in the renewable energy area and are helping to resolve the huge environmental challenges that the world faces."
4RAE will take a seat on the G24i board and will be represented by former ABN Amro CEO and Chairman Rijkman Groenink.
About 4RAE
4RAE is a renewable and alternative energy fund that is in the process of being established in Luxembourg by Eyal Ofer and Marcel van Poecke. The fund is being launched soon and G24i is its first investment.
Website: http://www.g24i.com
