Australian Brisbane Materials pockets USD 5.2m in series A round

Sep 25, 2012 - Australian Brisbane Materials, a provider of specialty materials for solar and other applications, on Monday said it had raised AUD 5 million (USD 5.2m/EUR 4m) in a series A funding round.

The capital raise was led by local Southern Cross Venture Partners and US-based New Venture Partners.

Brisbane Materials intends to use the proceeds to expand research and development and manufacturing operations at its headquarters in the state of Queensland as well as to enhance its sales and marketing activities globally. The company's patented technology enables the creation of a film that forms an anti-reflective coating when applied to photovoltaic (PV) panels and leads to improved efficiency and cost effectiveness of the panels.

The funding round attracted investment from the AUD-200-million Southern Cross Renewable Energy Fund, managed by Southern Cross Venture Partners and including as partners the Australian government's Australian Renewable Energy Agency via its Renewable Energy venture Capital Fund programme and Softbank China Venture Capital. This is the first investment of the fund, which is formed to support early-stage Australian firms in the renewable energy industry, Brisbane Materials said.

(AUD 1 = USD 1.042/EUR 0.808)

Choose your newsletter by Renewables Now. Join for free!