Graetzel solar cell startup G24i raises $20 million
Peter Clarke, EE Times Europe, London, June 11, 2008
Source: EETimes.com
http://www.eetimes.com/news/latest/showArticle.jhtml?articleID=208403309
G24 Innovations Ltd., a startup company that is producing dye-sensitized thin-film solar cells, an alternative to traditional silicon solar cells, has received a $20 million investment from Morgan Stanley Principal Investments Inc. (MSPI).
G24i’s business is based on research conducted by Michael Graetzel at Ecole Polytechnique Fédérale de Lausanne (EPFL) in Switzerland. G24i acquired a license to manufacture the technology in Europe, with unlimited worldwide distribution rights, in 2006 and has set up a manufacturing plant in Cardiff that transforms a roll of metal foil into a solar cell in less than three hours. The company already has produced a solar-power charger for MP3 players, digital cameras and mobile phones.
The money gives MSPI a minority stake in G24i while the company’s founders, chairman Robert Hertzberg and CEO Edward Stevenson retain the majority of G24is share capital. MSPI is set to take the lead in continued fundraising over the next two years.
“This investment is a milestone for MSPI as it is our first investment in the European solar energy space and highlights Morgan Stanleys ongoing commitment to the renewable energy sector,” said Andres Rubio, head of MSPI Europe, in a statement issued by G24i.