09.01.17
Greatcell Solar Limited (formerly Dyesol Limited), has raised $5.3 million from shareholders. The funds will provide vital working capital as it 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 $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 balance of the funds have been contributed by Tasnee, its strategic shareholder, through a US$2 million convertible note.
“The next 12 months are a very exciting time for the company as we take our world-leading third generation solar technology through scale-up towards commercialization,” managing director Richard Caldwell said. “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.”
The technology scale-up project has already attracted a conditional $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 balance of the funds have been contributed by Tasnee, its strategic shareholder, through a US$2 million convertible note.
“The next 12 months are a very exciting time for the company as we take our world-leading third generation solar technology through scale-up towards commercialization,” managing director Richard Caldwell said. “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.”