SolarWindow Technologies, which develops transparent coatings that turn ordinary glass into electricity-generating windows, has completed a round of equity financing for US$25 million.
Kalen Capital Corporation (KCC) invested approximately US$24.9 million in this round.
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John Conklin, president and CEO of SolarWindow Technologies, 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.”
SolarWindow is currently the subject of more than 90 US and international patents and trademarks for its technology, with this latest funding driving the company toward a commercial project.
Harmel S. Rayat, founder and chairman of SolarWindow, said: “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.”
A single SolarWindow installation on a 50-story building, could cut electricity costs by as much as 50% annually, 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.