The investments in thin film solar keep coming. U.K. based solar thin film manufacturer G24 Innovations said today it has raised $30 million from renewable energy fund 4RAE.The company 4RAE will take a seat on the G24i board and will be represented by former ABN Amro chief executive and chairman Rijkman Groenink.
G24i will use the investment to facilitate its expansion of production and sales capability.
“This is an important step in the development of our business. It is a huge endorsement for G24 Innovations that 4RAE is investing in the company,” Robert Hertzberg, chairman of G24 Innovations said in a statement.
G24 Innovations commercially manufactures next generation dye-sensitized thin film solar cells, an alternative to traditional silicon solar cells.
Dye-sensitized thin film solar cells are extremely lightweight, durable, and produce electricity in low-light and indoor conditions.
As a result, G24i’s solar cells can be used for powering mobile electronic devices such as mobile telephones, cameras, and portable LED lighting systems.
From its factory in Wales, G24i manufactures lightweight and durable silicon- free thin-film solar cells to power mobile-phone chargers in countries such as India or across Africa where electricity grids aren’t widespread, but mobile- phone penetration is increasing.
G24i has contracts with Vodacom in Tanzania and Kenya, and a distribution deal with the U.S.’s Bright Star Ventures Ltd. (BSVLF), plans to ramp up output this year from its factory in Wales to several million units as further deals develop with Motorola Inc (MOT). and Vodafone Group PLC (VOD).
In June Morgan Stanley Principle Investments invested $20 million in G24i.
4RAE is a renewable and alternative energy fund that is being launched soon in Luxembourg.
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