PV windows developer Next raises USD 13.4m

US photovoltaic windows developer Next Energy Technologies Inc has raised USD 13.4 million (EUR 11m) in a Series C funding round that should help the company commercialise its technology.

Based in Santa Barbara, California, Next is the developer of transparent coatings that are seamlessly integrated into windows to allow them to function like solar panels. The firm will use the proceeds from the financing round to speed up the transition to large-area coating for commercialisation, pilot installations, durability testing and industry certification, it said in a statement on Thursday.

Next is one of 25 startups that were recently selected to receive support from the California Energy Commission (CEC) as part of the CalTestBed Initiative, aimed at stepping up the commercialisation of clean energy technologies. The photovoltaics developer will get up to USD 300,000 worth of third-party testing to demonstrate and enhance the reliability of its modules.

Lead investors in the funding round include Alon Blue Square Israel Ltd, the innovation arm of Golden Energy and Resources Ltd and architectural glass fabricator Viracon. Real estate family office Rincon Advisors has also taken part in the financing.

Next noted that its new investors provide it with broad access and insight into the global commercial real estate market and architecture, engineering and construction communities.

(USD 1.0 = EUR 0.823)

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