Greatcell Solar Limited (formerly Dyesol Limited), has announced that they have raised AU$5.3 million from shareholders.
The funds will provide vital working capital as the company enters an important phase of its technology development focused on its Major Area Demonstration (MAD) prototyping project.
The technology scale-up project has already attracted a conditional AU$6 million offer from the Australian Renewable Energy Agency (ARENA) and the raising is targeted at meeting the requirement of raising $5 million in new capital to support the $17.4 million project.
The Company said that shareholders contributed $2.7 million in a Share Purchase Plan (SPP). The balance of the funds have been contributed by Tasnee, its strategic shareholder, through a US$2 million convertible note.
Greatcell said that Tasnee has sought to protect and strengthen its percentage ownership through this additional investment. In effect, the AU$5.3 million raised will help unlock up to AU$10 million of additional, non-dilutive financial assistance to advance our technology development programme.
The expected quotation date for all new shares is Tuesday, 5 September 2017, in accordance with the revised timetable lodged with ASX on 17 August 2017.
"The next 12 months are a very exciting time for the Company as we take our world leading 3rd generation solar technology through scale-up towards commercialisation. We are working with the best we know in all critical areas, notably science, technology and engineering, and we continue to have every confidence of meeting and exceeding the expectations of our shareholders."
Richard Caldwell, Managing Director, Greatcell Solar
About PEROVSKITE SOLAR CELL TECHNOLOGY
Perovskite Solar Cell (PSC) technology is a photovoltaic (PV) technology based on applying low cost materials in a series of ultrathin layers encapsulated by protective sealants. Greatcell Solar’s technology has lower embodied energy in manufacture, produces stable electrical current, and has a strong competitive advantage in low light conditions relative to incumbent PV technologies. This technology can be directly integrated into the building envelope to achieve highly competitive building integrated photovoltaics (BIPV).
The key material layers include a hybrid organic-inorganic halide-based perovskite light absorber and nano-porous metal oxide of titanium oxide. Light striking the absorber promotes an electron into the excited state, followed by a rapid electron transfer and collection by the titania layer. Meanwhile, the remaining positive charge is transferred to the opposite electrode, thereby generating an electrical current.