•  
  •  
  •  

Aussie fund to invest USD 3m in Greatcell Solar

The new logo. Source: Dyesol/Greatcell Solar Ltd.

November 24 (Renewables Now) - An Australian food, water and energy fund has agreed to invest AUD 4 million (USD 3m/EUR 2.6m) in Perovskite Solar Cell (PSC) technology developer Greatcell Solar Ltd (ASX:GSL).

The company intends to use the fresh funds to accelerate the development of its prototype facility at CSIRO in Clayton, Victoria, and immediately commence procurement of the needed long lead-time capital equipment.

“The investment will allow us to expedite our scale-up and commercialisation plans and move forward with great financial confidence,” said managing director Richard Caldwell. He added that the company looks forward to announcing emerging international business relationships as the year unfolds.

Greatcell anticipates to get the investment early next month in exchange for the issuance of 18.2 million shares. It noted that the particular fund has indicated its desire to maintain its percentage shareholding and possibly even increase it over time.

(AUD 1.0 = USD 0.762/EUR 0.643)

More stories to explore
Share this story
Tags
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription