Fresh from securing $20m (£10m) in funding from investment giant Morgan Stanley, UK thin film solar cell specialist G24 Innovations (G24i) has revealed plans to significantly bolster its manufacturing capacity.
Speaking to BusinessGreen.com, company chairman Robert Hertzberg said it would use the additional funding to open up a second production line capable of producing 25MW of solar cells per year. The new production line would run alongside the company's current production line, which has a capacity of 5MW.
He added that the funding would also help bolster the company's working capital, allowing it to place larger orders for raw materials that should result in greater cost savings.
Morgan Stanley Principal Investments, which as part of the deal has acquired a minority stake in the company, will now also act as the company's lead investor in ongoing fundraising activities designed to fund its expansion drive over the next two years.
Hertzberg said the company was initially focused on taking its solar-powered mobile phone charger and LED lamp into developing markets, primarily in Africa. "Using LED lamps powered by solar panels allows communities to get away from using kerosene lamps for light, cutting emissions and saving people money," he said.
However, in the longer term the company claims that its dye-sensitised thin film solar cells are lightweight and flexible enough to be integrated into clothing and tents as well as buildings. G24i also argues that because the cells do not contain expensive silicon and can generate electricity in low-light conditions, they could present a more cost-effective alternative to conventional silicon-based photovoltaic cells.
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