Australian solar technology company Dyesol has raised $5 million in a boost for the clean tech industry following a very tough year.
Dyesol raised the funds through take-up by shareholders of its share purchase plan and a supplementary placement to investors.
The transaction was partly underwritten by Octa Phillip Securities for a total of $3 million, meaning there was no shortfall to the underwriter.
In addition to the $3.9 million of proceeds raised from the share purchase plan, Dyesol has also placed $1.1 million in shares at 18 cents per share to sophisticated investors.
The total number of shares to be issued will be approximately 27.78 million.
“I think it is pretty tough out there raising money for the clean tech industry at the moment,” Dyesol chairman Richard Caldwell says
“Going to our shareholder base was a very sensible thing to do and in hindsight has proved to be very effective.
“The much publicised institutional support for clean tech industry has dried up during the global financial crisis.”
Caldwell acknowledges Dyesol had a difficult time during the second stage of the global financial crisis that hit last year.
“The most important thing in 2011 for tech companies was to stay alive,” he says.
“I think this is a good amount of money for us to get on with what we need to do.
“If you gave us more money we might waste it; technology companies are notorious for providing Rolls Royce solutions.”
“Through all the doom and gloom out there some companies will continue to be successful.
“We don’t rest on our laurels and our duty is now to deliver a real return to our shareholders.
Dyesol is a global supplier of Dye Solar Cell (DSC) materials, technology and know-how.
DSC technology mimics the natural process of photosynthesis to generate energy from sunlight and so performs strongly in shade, haze, pollution, vertical installation and at periods of low light such as dawn and dusk.
John Grimes, chief executive of the Australian Solar Energy Society, believes the funding provides validation for Australia’s solar technology industry.
“This capital raising is so important to further commercialise dye based solar technology in Australia,” he says.
“The applications for this new solar technology are limited only by your imagination, and the ‘solar cells’ can be painted onto just about any surface, make the metal roofs, fences, building facades of the future solar collectors.
“In Europe we are seeing a rapid move to building integrated PV, and Deysol’s solar coatings are attracting a lot of attention.
“In Japan too the company is working to bring Australian invented solar dye coatings to market.
“The market is investing more than ever in solar technology, they know it is the way of the future.”
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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