Dyesol and Timo Technology have agreed to increase their combined investment into the Korean-based joint venture, Dyesol-Timo by a further 2 billion Korean won. This investment provides the JV with the capital to finalise glass based product development and the other prerequisites to plan volume manufacturing of glass-based dye solar cell (DSC) products.

The additional investment of 1.013 billion Korean won (approximately $950,000 Australian) by Dyesol will move Dyesol to a majority shareholding of 50.1% in the venture. Timo Technology and associated parties will invest 0.987 billion and retain a 49.9% holding in the venture. Dyesol, as the holder of the principal intellectual property underpinning the venture, will derive licence fees from the intended Korean manufacturing activities.

The JV was formed in September 2008 with Timo Technology to provide a technology development and manufacturing facility in one of the fastest growing solar markets globally. Dyesol provided an equipment solution to develop products and establish the venture’s pilot line which was opened in July this year. This line provides the springboard for the push to volume manufacturing.