Cardiff, Wales - Solar energy pioneer G24 Innovations (G24i) has announced that it has raised a further $30 million through an investment by the renewable and alternative energy fund, 4RAE. This is G24i's second major funding announcement in the last two months, following a $20 million investment by Morgan Stanley Principal Investments in June.
4RAE will take a seat on the G24i board and will be represented by former ABN Amro CEO and Chairman Rijkman Groenink.
The announcement adds further credibility to G24i's growing reputation as a significant contributor in the global renewable energy sector. The company is seeing growing interest in its next generation Dye Sensitised Thin Film technology as it expands the number of product applications available for its lightweight and flexible solar cells. G24i will use the investment to facilitate its rapid expansion of production and sales capability.
Commenting, Robert Hertzberg, Chairman of G24 Innovations, said: "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 and we are delighted that Mr Groenink has accepted a position on the Board of Directors. His extensive experience will be a significant addition to the strength of the company. I greatly look forward to working with 4RAE as we continue towards our objective of revolutionising personal energy."
Marcel van Poecke of 4RAE said; "This is a perfect start for 4RAE. We are launching the fund with the objective of backing businesses with smart technology, such as G24 Innovations, that have a strong competitive position in the renewable energy area and are helping to resolve the huge environmental challenges that the world faces. The management, technology and team that G24 Innovations has, exactly meet these criteria and we are extremely excited to work with them as they further develop a technology which could transform the way that we use power in the future."