SolarWindow Raises Over $4.3 Million of Capital in Furtherance of Commercialization Plans
SolarWindow Technologies, Inc. today announced the closing of a $3,000,000 second tranche of its two tranche direct-to-investors capital raise efforts (Self-Directed Financing).
The first tranche of the company’s financing efforts in the amount of $1,367,100, as previously announced, closed on March 31, 2016.
A total of 28 persons, all of whom were accredited investors, participated in the capital raise; most were existing shareholders of the company at the time the individual subscribed for additional shares.
Mr. John Conklin, President and CEO of SolarWindow Technologies, Inc., noted the significance of this by stating, “SolarWindow is privileged to have all of our legacy and new shareholders stand by our side as we drive forward with the development of SolarWindow™ transparent electricity-generating coatings. It has always been a priority of ours to provide our shareholders the opportunity to invest in additional shares at the same price as our company’s major shareholders. This capital raise significantly strengthens our company’s commitment to achieving commercialization.”
According to Conklin, “The $4,367,100 capital dramatically enhances the company’s ability to achieve necessary milestones leading to the ultimate goal of commercializing SolarWindow™.”
The company intends to utilize the proceeds from the Self-Directed Financing to:
- Build strategic partnerships with glass, energy, chemical, and building industries
- Achieve specific development objectives required to commercialize SolarWindow™
- Engage capital markets to attract both retail and institutional investors
Conklin further noted that the company’s commercialization efforts have been ongoing as further evidenced by the recently completed successful performance tests of its transparent electricity-generating coatings for glass-to-glass lamination processes, which demonstrated:
- The proprietary interconnection system that carries electricity from the SolarWindow™ coated glass to external wiring was not damaged
- SolarWindow™ color and clarity was maintained, which is important to customer adoption and sales
- SolarWindow™ module edge seal remained intact, which is vital to high performance, durability, and product lifecycle
Conklin concluded by stating that, “Raising this additional capital not only brings us that much closer towards revenue generation and developing SolarWindow™ products, which will be instrumental in delivering affordable, clean, renewable energy to help meet the world’s growing energy demand, but also demonstrates the ongoing support from its shareholders that the company continues to enjoy.”
For additional information regarding the terms and conditions of the Self-Directed Financing Efforts described in this press release, please refer to the Current Report on Form 8-K, which the company filed with the Securities and Exchange Commission (SEC) for the first transaction on April 5, 2016, and the second transaction on June 23, 2016.