17 Nov Open invests 2 million in scale up of disruptive Solarus sunpower
Global finance and investment company OPEN is investing €2 million in Solarus Sunpower from The Netherlands.
OPEN also signed a letter of intent to establish a Solarus assembly factory in Panama in 2017. With these strong commitments to Solarus, this disruptive player in solar energy is creating further momentum for its planned scale up in 2017 leading to a spectacular revenue growth. Over the last quarter Solarus received another €2 million investment and an Eureka grant of €2,68 million for development of product and production technology.
Solarus fits very well in the investment portfolio of OPEN, a global visionary finance company that is investing in cleantech projects and business. Its network covers Europe, Asia, The Middle East and the Americas, with a wide range of investment and project opportunities. OPEN takes a value investment approach to projects and businesses which result in added value to society both financially, environmentally and socially.
Besides investing in renewable energy assets, like wind and solar parks, OPEN seeks long term capital growth through investment in equity and debt in the securities of companies who are active in the renewable energy sector and in clean technology markets. With Solarus’ disruptive 3rd generation solar technology capturing 70% of solar energy and producing up to 4 times more energy than conventional PV panels, the company is providing the world with a powerful new weapon to fight energy poverty and CO2 emissions.
OPEN’s €2 million investment (with a possible add of €0,4 million premium) is part of the €6 million financing round that Solarus opened in September. Having secured €4 million from two investors and with additional investments of existing shareholders, including senior management, Solarus is now getting the funding to scale up its production and sales. In the short term Solarus expects to fulfill the current investment round with one or two more major parties. For 2017/2018 one more, larger financing round is planned prior to an intended IPO at London’s Social Stock Exchange.
Nick Rickard, Managing Director of OPEN: “After a long and very thorough due diligence process, OPEN is delighted to invest in Solarus, owning a highly disruptive solar technology and being able to produce it on a massive scale. This company can be expected to have an enormous impact on the world of energy and CO2 reduction. OPEN is always looking for these kinds of unique opportunities on the verge of environment and technology. We have high expectations for Solarus.”
Solarus CEO Leen Zevenbergen: “Slowly but certainly the market is discovering that this 3rd generation solar is indeed the most efficient way to get energy from the sun, as was already stated by the International Energy Agency years ago. Solarus is at the moment the only company in the world, able to produce this technology on a mass scale. With our sales pipeline filling up, the potential for this technology is beginning to show and grow. We are very happy to have OPEN on board as they will also be actively involved in the development of Solarus.”