PrintDyesol Releases Commentary and Update � Final Quarter 2010
Posted on July 30, 2010 @ 02:44 pm
Dyesol progressed further in the final quarter of the financial year with technological collaborations and a restructuring to seriously fast track growth and commercialization. The company has announced:
• The collaboration with CSIRO to develop higher performing dyes in a two year project that will be funded by an investment of up to $1.17 million from CSIRO’s Australian Growth Partnership (AGP) program.
• The collaboration between Dyesol Inc. and Pilkington North America, which resulted in the formation of a new company, DyeTec Solar (DTS). DTS will develop and deliver the standard technology platform solution for mass manufacture of BIPV (building integrated photovoltaics), AIPV (automotive integrated photovoltaics), as well as interior PV generating glass-based products, powered displays and security devices.
• Successful completion of the Corus Industrial Development Phase of DSC on Steel Project (in early July).
To implement the three year strategic commercialization plan, Dyesol has embarked on a major restructure with the appointment of a new CEO, Clemens Betzel, who will significantly strengthen the management team. This signals a greater commercial focus. Consistent with this approach, the company will fast track its major projects and further invest in R&D support that will ensure future generations of product and that the roadmap for industrialization continues to advance.
The Corus and Pilkington projects remain the cornerstones of Dyesol’s business plan. In particular, good progress has been made towards the joint project between Dyesol and Corus to industrialize dye solar cell technology on steel for continuous manufacture of integrated building products, with the presentation in early July of the achievements and final milestone elements of the two-year R&D phase. Dyesol and Corus are now working on the business case for volume production. In addition, other similar and significant transactions are also currently being evaluated by board and management.
During the quarter the company also successfully completed the share placement of $12M predominantly to European and domestic institutions.
Stage 1 of the CSIRO project commenced with the funding receipt of $462K for the provision of research services. Operational expenditures remained steady with no long-term borrowings and the company closed the quarter with $13.1M cash at bank.
• The collaboration with CSIRO to develop higher performing dyes in a two year project that will be funded by an investment of up to $1.17 million from CSIRO’s Australian Growth Partnership (AGP) program.
• The collaboration between Dyesol Inc. and Pilkington North America, which resulted in the formation of a new company, DyeTec Solar (DTS). DTS will develop and deliver the standard technology platform solution for mass manufacture of BIPV (building integrated photovoltaics), AIPV (automotive integrated photovoltaics), as well as interior PV generating glass-based products, powered displays and security devices.
• Successful completion of the Corus Industrial Development Phase of DSC on Steel Project (in early July).
To implement the three year strategic commercialization plan, Dyesol has embarked on a major restructure with the appointment of a new CEO, Clemens Betzel, who will significantly strengthen the management team. This signals a greater commercial focus. Consistent with this approach, the company will fast track its major projects and further invest in R&D support that will ensure future generations of product and that the roadmap for industrialization continues to advance.
The Corus and Pilkington projects remain the cornerstones of Dyesol’s business plan. In particular, good progress has been made towards the joint project between Dyesol and Corus to industrialize dye solar cell technology on steel for continuous manufacture of integrated building products, with the presentation in early July of the achievements and final milestone elements of the two-year R&D phase. Dyesol and Corus are now working on the business case for volume production. In addition, other similar and significant transactions are also currently being evaluated by board and management.
During the quarter the company also successfully completed the share placement of $12M predominantly to European and domestic institutions.
Stage 1 of the CSIRO project commenced with the funding receipt of $462K for the provision of research services. Operational expenditures remained steady with no long-term borrowings and the company closed the quarter with $13.1M cash at bank.
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