Wednesday, 22 May 2019

Greatcell Solar actively dealing with new investment enquiries from China, India and Thailand

The company has withdrawn from negotiations with CER Group due to economic climate in Turkey, and is now actively exploring new investment enquiries from China, India and Thailand

21 Aug 2018 | Editor

Greatcell Solar has announced an update on the status of its Company refinancing as recently announced in its 4Q-FY18 Appendix 4C.

The Company has activated its contingency plans and withdrawn from negotiations with the CER Grup in Turkey because we have failed to reach agreement on critical terms for investment in an acceptable timeframe.

The current economic situation in Turkey has undoubtedly impacted investment decisions and the transfer of capital. As the negotiations were commenced on the basis of a signed and legally binding subscription agreement, Greatcell Solar reserves its legal rights in relation to the agreement’s enforcement. We remain very positive, however, in relation to the long-term prospects for the commercialisation of our 3rd generation PV technology in Turkey.

Elsewhere, we are making very good progress with other potential investment counterparties, including New Moonie Petroleum and parties associated with it. While there remains uncertainty in relation to timing, we believe the quality of the New Moonie Petroleum investment strategy and execution are grounds for continuing optimism. There is in-principle agreement to invest up to AU$US10 million. We are hopeful that there will be positive progress to report by month end.

We have also had new investment enquiries from China, India and Thailand, and we are pursuing them with vigour. These are, however, nascent and are expected to take longer to bring to any meaningful conclusion.

We will continue to provide stakeholder guidance and inform the market on a fortnightly basis.


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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