Cardiff, Wales - Solar cell manufacturer G24 Innovations (G24i) has received a second major tranche of funding following a $30 million investment by the new Luxembourg-based renewable and alternative energy fund, 4RAE.
In June 2008 Morgan Stanley Principal Investments pumped $20 million into the Welsh solar cell maker.
G24i is the world's first company to commercially manufacture next generation dye-sensitized thin film solar cells, which are an alternative to traditional silicon solar cells and are lightweight, durable, and produce electricity in low-light and indoor conditions. G24i's solar cells are ideal for powering mobile electronic devices such as mobile telephones, cameras, and portable LED lighting systems.
G24i plans to use the investment to rapidly expand the company's production and sales capability. The company has a 23 acre, 187,000 square foot high speed roll-to-roll manufacturing facility in Cardiff.
4RAE will take a seat on the G24i board and will be represented by former ABN Amro CEO and Chairman Rijkman Groenink.
"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," said Marcel van Poecke of 4RAE.