The funds will be employed to expedite plans to develop Greatcell’s prototype facility at CSIRO at Clayton, Victoria and to immediately begin procurement of long lead-time capital equipment required for the prototype facility. These activities will allow Greatcell to advance technology development and move forward with its commercialization schedule relating to glass substrate perovskite solar cell (PSC) photovoltaics (PV).
The funds are expected to be available in early December and the 18.2 million shares that will be issued pursuant to the subscription agreement will be escrowed for one year, ensuring that the strategic nature of the relationship is maintained.
“The investment will allow us to expedite our scale-up and commercialization plans and move forward with great financial confidence,” managing director Richard Caldwell said. “We look forward to announcing emerging international business relationships to complement our technology progress as the year unfolds.”