SolarWindow Technologies, a developer of transparent coatings that turn ordinary glass into electricity-generating windows, has secured $25m in equity financing.
Image: SolarWindow Technologies Chairman of the Board of Directors, Harmel S. Rayat. Photo: Coutesy of SolarWindow.
Kalen Capital Corporation (KCC), the family office of Harmel S. Rayat, founder and Chairman of the company, has invested approximately $24.9m in this round.
SolarWindow Technologies president and CEO John Conklin said: “This capital infusion marks a historical inflection point for SolarWindow and our nearly 15,000 shareholders. With this capital in hand and a decade of research and development behind us, we can now purchase equipment and hire personnel required for manufacturing of electricity-generating glass, a brand-new form of electrification.”
Rayat originally conceived the idea of transparent electricity-generating glass to harness the endless amounts of solar energy streaming through millions of building windows daily. A decade later, SolarWindow is the subject of more than 90 US and international patents and trademarks, numerous record-setting breakthroughs, and independent, third-party validation. His investment today will drive Mr. Rayat’s early vision forward to a commercial product.
Rayat said: “My financial investment and confidence in SolarWindow is stronger than ever. I believe that we’re in the right place at the right time, and am proud to support the launch of one of the most exciting technology start-ups in recent memory.”
“I envision SolarWindow changing the way we power our buildings with clean energy that not only benefits our environment, but also generates greater financial returns. As a commercial real estate investor and building owner, I see huge upside for developers, building owners, and even tenants who can lower their operating costs while increasing property values as green buildings.”
When clad with electricity-generating windows, tall towers and skyscrapers could become clean power generators. A single SolarWindow installation on a 50-story building, for example, could reduce electricity costs by as much as 50% per year, avoid more than two million miles of equivalent carbon dioxide emitted by vehicles on the road, and achieve a one-year financial payback, according to independently-validated engineering modeling.
Almost 40% of electricity in the US is generated by fossil fuels. Reducing the burning of these fuels could help mitigate their impact on climate change, which a recent report mandated by U.S. Congress says is ‘an immediate threat, not a far-off possibility.’
The $25m equity financing announced today consisted of (i) $19.8m cash component, of which KCC accounted for approximately $19.7m, and (ii) an additional $5.2m debt conversion component reflecting the conversion by KCC of $3.6m principal amount of outstanding loan indebtedness and $1.6m of accrued and unpaid interest thereon into equity of the company.
Source: Company Press Release