SolarWindow Raises $25 Million for Manufacturing Electricity-Generating Glass
SolarWindow Technologies, developer of transparent coatings that turn ordinary glass into electricity-generating windows, today announced the completion of a $25 million equity financing. Kalen Capital Corporation (KCC), the family office of Mr. Harmel S. Rayat, founder and Chairman of the company, has invested approximately $24.9 million in this round.
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,” stated Mr. John Conklin, President and CEO of SolarWindow Technologies.
Mr. Rayat originally conceived the idea of transparent electricity-generating glass to harness the endless amounts of solar energy streaming through millions of building windows daily. A decade later, SolarWindow™ is the subject of more than 90 U.S. and international patents and trademarks, numerous record-setting breakthroughs, and independent, third-party validation. His investment today will drive Mr. Rayat’s early vision forward to a commercial product.
“My financial investment and confidence in SolarWindow is stronger than ever. I believe that we’re in the right place at the right time, and am proud to support the launch of one of the most exciting technology start-ups in recent memory,” stated Mr. Rayat.
“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.”
When clad with electricity-generating windows, tall towers and skyscrapers could become clean power generators. A single SolarWindow™ installation on a 50-story building, for example, could reduce electricity costs by as much as 50% per year, 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.
Almost 40% of electricity in the U.S. is generated by fossil fuels. Reducing the burning of these fuels could help mitigate their impact on climate change, which a recent report mandated by U.S. Congress says is “an immediate threat, not a far-off possibility.”
The $25 million equity financing announced today consisted of (i) $19.8 million cash component, of which KCC accounted for approximately $19.7 million, and (ii) an additional $5.2 million debt conversion component reflecting the conversion by KCC of $3.6 million principal amount of outstanding loan indebtedness and $1.6 million of accrued and unpaid interest thereon into equity of the company.
A description of the terms of the financing are included in the company’s current report on Form 8-K, which is expected to be filed on or before November 30, 2018.