Polysolar, a UK-based cleantech company who make windows that generate electricity, announced on Monday it secured an additional syndicate investment from Green Angel Syndicate (GAS) and has decided to extend its equity crowdfunding campaign on Crowdcube, which is quickly approaching £1 million in funding. The campaign was launched last month with an initial £750,000 funding target.
As previously reported, Polysolar has developed, along with commercialized, transparent photovoltaic glass technology. The company is supported by Innovate UK grand funding and has invested more than £1.5 million in research and development to produce a range of innovative certified photovoltaic glass products that meet building and planning regulations. It is also expanding rapidly, achieving a 400% growth in sales over the past 3 years (£86,000 in 2016 to £407,000 in 2018; profit in 2018 is £68,000).
“Polysolar develops, designs, and project-manages Building Integrated Photovoltaic (BIPV) solutions. We are a world leading Cambridge (UK) based developer and producer of innovative, low-cost, solar photovoltaic glass for the architectural market. Our unique thin-film solar glass is the first truly transparent alternative for conventional architectural materials, generating renewable energy and a return on investment whilst maintaining attractive architectural features. We work with clients, architects, surveyors and throughout the industry to provide turnkey and bespoke integrated PV solutions. Our products provide an exceptional finish to a building, enabling environmental targets and planning regulations to be met.”
Speaking about the latest investment from GAS, Polysolar stated:
“Following our recent successful pitch at the GAS event, the specialist clean tech investor group have decided to increase their investment in Polysolar. As a result, we are going to extend the crowdfunding campaign for 2 weeks to allow those discussions to conclude hence closing at the same time.”
Co-Founder of GAS, Nick Lyth, also commented:
“Green Angel Syndicate is delighted to be given the opportunity to participate in this funding round for Polysolar. The company is innovating with an important breakthrough for the construction industry’s ability to deliver buildings that safeguard the environment, and the world we live in. This pioneering development will also be a great commercial success, with the leadership team, and now the investment, combining to ensure a great future for the company.”
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