News Article
G24i Announces Second Major Investment Of The Summer
Solar energy pioneer G24 Innovations (G24i) announces 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 (DSTT) 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 and major step in
the development of our business. It is a huge endorsement for G24
Innovations that 4RAE is investing in the company. Equally, 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 meets 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.”
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 (DSTT) 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 and major step in
the development of our business. It is a huge endorsement for G24
Innovations that 4RAE is investing in the company. Equally, 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 meets 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.”