SolarWindow and NREL scientists applying electricity-generating coatings to glass. Source: SolarWindow Technologies Inc
SolarWindow Technologies (OTCMKTS:WNDW) said today it has completed a USD-2.6-million (EUR 2.2m) financing to advance manufacturing of its electricity-generating glass products, which are targetted at commercial buildings.
The funds were raised from four investors, including three long-term shareholders of the company, via a private placement. SolarWindow said it will use them for general working capital purposes, including to further advance its previously announced manufacturing, marketing and product fabrication initiatives. The company issued 821,600 units, at USD 3.11 apiece, consisting of one share and one share purchase warrant with an initial exercise price of USD 3.42 and a five-year term.
"With this round of financing in hand and a Process Integration and Production Agreement with Triview Glass Industries, an award-winning custom glass fabricator, we’re moving forward with turning our first-ever inventions into first-ever electricity-generating windows," said president and chief executive John Conklin.
Under an agreement unveiled in August, Angeles-based Triview Glass will make certain SolarWindow power-generating glass products at commercial scale.
SolarWindow says power-producing windows could reduce electricity demand in commercial buildings by 30% to 50% and provide a one-year financial payback, based on engineering modelling for a 50-storey building.