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PhotoSolar, the Danish producer of solar shading has just received new funding totaling DKK 27 million from the Dutch venture capital firm SET Venture Partners as well as from Danish investors. The funding will enable new market expansion and continued product development. The funding will primarily be used to increase marketing and sales activities for the company’s flagship product MicroShade™, which is a unique integration of solar shading into façade glazing. Part of the funding will also be used for further product development focusing on novel ways of combining solar shading and producing electricity.
“I am delighted that we have managed to raise all the capital we need for boosting sales as well as product development. Many companies find it difficult to get new funding right now and we have been working hard to reach this point,” says Carsten Haake, CEO of PhotoSolar.
The Danish company has developed a new type of solar shading that allows the right amount of light to get through while at the same time keeping the heat out. The shading is integrated into the glazing, which eliminates all the maintenance costs normally associated with shading solutions. PhotoSolar’s solar shading reduces the need for cooling in buildings by 20 pct. or more. The more glass used in the buildings, the more cooling is needed. On a global scale more energy is used for cooling than for heating.
Contrary to other Danish companies PhotoSolar enjoyed quite some interest from overseas investors. Dutch sustainable energy technology investor SET Venture Partners has now made a significant investment in the company and the expectations are high.
“We believe that with MicroShade™, PhotoSolar has a great product in hand. Seemingly simple, yet sophisticated, industry experts confirm that it clearly fulfills a need in the market of energy efficient building solutions. We are pleased to come on board, teaming up with local investor Vaekstfonden, and are confident that the highly capable management team will drive the company to success,” says Yvette Go, Investment Manager at SET Venture Partners.
The existing investors the Danish investment bank Vaekstfonden, The Danish Technological Institute and Syddansk Teknologisk Udvikling have also contributed to new funding.
“PhotoSolar solves a serious problem in modern commercial as well as housing architecture, where more and more glass is used for multiple purposes. PhotoSolar’s solar shading effectively reduces the cost of air conditioning and improves the buildings’ indoor environment. The need for that type of solutions is enormous in Denmark as well as internationally, which constitutes a major opportunity for PhotoSolar,” says Bjarne Henning Jensen, Investment Manager at Vaekstfonden.
For further information, contact:
Carsten Haake, CEO, tel.: +45 22 14 48 58/ haake@PhotoSolar.dk
Yvette Go, Investment Manager, SET Venture Partners, tel.: +31 20 3200104/yvettego@setvp.com
Bjarne Henning Jensen, Vaekstfonden, tel.: 35 29 86 54/29 41 85 66/bhj@vf.dk
See also: www.PhotoSolar.dk, www.setvp.com, www.vf.dk
About PhotoSolar
PhotoSolar A/S specializes in developing and marketing advanced, transparent solar shading and photovoltaic solutions. Our mission is to create a good working environment and reduce energy consumption in modern buildings with large glass facades, using aesthetic and maintenance-free solar shading. PhotoSolar is a technology and knowledge-based company working in partnership with a number of knowledge centres, including the Danish Technological Institute. The company was founded in 2003.
www.PhotoSolar.dk
About SET Venture Partners
SET Venture Partners (SET VP) is the General Partner of Sustainable Energy Technology Fund C.V. This independent clean-energy focused venture capital fund is funded by Netherlands-based companies Energy Resource Holdings B.V. and Delta N.V. for in total € 50 Million. SET VP, based in Amsterdam, invests in early-stage, European companies that offer a unique clean-energy technology, product or service, and sustain a competitive market position with a high upside potential. The target companies all take advantage of the active market transition from the traditional use of fossil fuels to a more sustainable energy infrastructure and/or increase the efficiency of energy consumption. SET VP’s current investments include AlertMe.com Ltd., CrystalQ Group B.V., EnOcean GmbH, Epyon B.V., General Fusion Inc., O-flexx Technologies GmbH and SolarTotal Holding B.V.
www.setvp.com
About Vaekstfonden
Vaekstfonden is a state investment fund, which aims to create new growth companies by providing venture capital and competence. Since 1992 Vaekstfonden has, in cooperation with private investors, co-financed growth in more than 4,000 Danish companies with a total commitment of more than DKK 7.7 billion. Vaekstfonden invests equity or provides loans and guarantees in collaboration with private partners and Danish financial institutions. The companies which Vaekstfonden has co-financed since 2001 represent a total turnover of more than DKK 25 billion and employ approx. 27,000 people all over the country.
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PhotoSolar A/S | Gregersensvej 1 F | DK-2630 Taastrup | Tel: +45 7214 4848 | info@photosolar.dk |