The first tranche of the company’s financing efforts in the amount of $1,367,100, as previously announced, closed on March 31, 2016.
A total of 28 persons, all of whom were accredited investors, participated in the capital raise; most were existing shareholders of the company at the time the individual subscribed for additional shares.
“SolarWindow is privileged to have all of our legacy and new shareholders stand by our side as we drive forward with the development of SolarWindow transparent electricity-generating coatings,” said John Conklin, president and CEO of SolarWindow. “This capital raise significantly strengthens our company’s commitment to achieving commercialization.”
The company intends to utilize the proceeds from the Self-Directed Financing to:
• Build strategic partnerships with glass, energy, chemical, and building industries.
• Achieve specific development objectives required to commercialize SolarWindow.
• Engage capital markets to attract both retail and institutional investors.
Conklin noted that the company’s commercialization efforts have been ongoing as evidenced by the recently completed successful performance tests of its transparent electricity-generating coatings for glass-to-glass lamination processes, which demonstrated:
• The proprietary interconnection system that carries electricity from the SolarWindow coated glass to external wiring was not damaged.
• SolarWindow color and clarity was maintained, which is important to customer adoption and sales.
• SolarWindow module edge seal remained intact, which is vital to high performance, durability, and product lifecycle.