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Saturday, 16 Dec 2017

Australian Energy Fund makes AU$ 4 million strategic investment in Greatcell Solar

The investment will allow Greatcell Solar to expedite the scale-up and commercialisation plans allowing them to move forward with greater financial foundations

23 Nov 2017 | Editor

Greatcell Solar has announced it has executed a subscription agreement for a strategic investment of AU$4 million at 22 cents per share from an Australian food, water and energy fund.

The fund has strongly indicated its interest to maintain its percentage shareholding and, where possible, increase it over time as Greatcell transitions from R&D to global mass manufacture.

The funds will be employed to expedite plans to develop Greatcell’s prototype facility at CSIRO at Clayton, Victoria and to immediately commence procurement of long lead-time capital equipment required for the prototype facility.

These activities are critical and will allow Greatcell to advance technology development and move forward with its Commercialisation Schedule relating to glass substrate Perovskite Solar Cell (PSC) photovoltaics (PV).

The funds are expected to be available in early December and the 18.2 million shares that will be issued pursuant to the subscription agreement will be escrowed for one year ensuring that the strategic nature of the relationship is maintained.

"We are delighted to be attracting new, strategic institutional investment. The investment will allow us to expedite our scale-up and commercialisation plans and move forward with great financial confidence. We look forward to announcing emerging international business relationships to complement our technology progress as the year unfolds."


Richard Caldwell, Managing Director

www.greatcellsolar.com   


About Greatcell Solar

Greatcell Solar is a global leader in the development and commercialisation of Perovskite Solar Cell (PSC) technology – 3rd Generation photovoltaic technology that can be applied to glass, metal, polymers or cement. Greatcell Solar manufactures and supplies high performance materials and is focused on the successful commercialisation of PSC photovoltaics. It is a publicly listed company: Australian Securities Exchange ASX (GSL) and German Open Market (D5I).

Source: Greatcell Solar


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