NEW YORK, Dec. 2, 2010 /PRNewswire/ -- Good Energies, a leading global investor in renewable energy and energy efficiency industries, today announced a follow-on investment in SAGE Electrochromics, the world leader in the development, manufacture and international commercialization of electronically tintable glass – branded SageGlass®. The follow-on is the latest in a series of investments by Good Energies in SAGE Electrochromics since 2007. In addition to Good Energies, Saint-Gobain, the world leader in high performance glass, has announced contributing $80M of capital to the company. The financing will help fund the completion of the world's first, large scale electrochromic glass manufacturing facility. This investment reconfirms SAGE's position as a game changing technology within the green building space. Additionally, as part of this round, TIAA-CREF has invested in SAGE as part of a previously announced alliance with Good Energies to invest in the Green building sector.
Activated by a low-voltage current, electrochromic glass adapts its light and heat transmission – and so its tint – to the level of sunlight and the building's ambient temperature, without hindering external visibility. It significantly reduces the amount of energy consumed for air conditioning, heating and lighting, and enhances occupant comfort and well-being. For architects, it creates an aesthetic and efficient alternative to the current and prevalent use of mechanical window shades and blinds which currently dominate the market.
The funding will enable construction of the world's largest and most advanced electrochromic glass manufacturing facility, to be located in Faribault, Minnesota. The project began this month and will cost approximately $135 million to construct. The new plant will manufacture much larger sheets of electrochromic glass than are currently available in the market, opening up 95 percent of all global building opportunities. Under terms of the agreement, Saint-Gobain will contribute its electrochromic glass intellectual property (IP) to SAGE, and all manufacturing and R&D efforts will be merged. SAGE will manufacture the next-generation dynamic glass for both companies' product lines.
"We are very pleased to have the opportunity to invest additional capital in SAGE to help construct the large scale facility," said John Breckenridge, Managing Director at Good Energies. "The investment from and partnership with Saint Gobain is a further validation that SAGE has the only commercially viable product to address the huge market for electrochromic glass worldwide. We congratulate SAGE management for having achieved this critical milestone."
"We are excited to see SAGE's game-changing green building technology become a reality," added Sean Petersen, Director at Good Energies. "The large scale electrochromic glass manufacturing facility will enable SAGE to maintain its position as a leading innovator in the green building space, a large and growing market, with its cost competitive solution. As building codes tighten globally to reduce the energy consumption of commercial buildings, landlords and developers will demand the unique value proposition that SAGE provides."
Barclays Capital acted as sole financial advisor to SAGE in the transaction.
About Good Energies
Good Energies is a leading global investor in renewable energy and energy efficiency industries. The firm invests in solar, turbine-based renewables, green building technologies and other emerging areas within the clean energy world and has a goal to invest approximately $100 million per year in North American renewable opportunities. Founded in 2001, Good Energies manages the renewable energy portfolio of COFRA, a family owned and managed group of companies. Guided by the 3-P principle of People-Planet-Profit, Good Energies aims to bring financial success together with sustainable returns for the environment and for society. The firm seeks to help drive the transition to a low-carbon economy, as well as to bring affordable renewable energy to the developing world. www.goodenergies.com
About SAGE Electrochromics, Inc.
SAGE Electrochromics, founded in 1989, is the world leader in the development, manufacture and international commercialization of electronically tintable dynamic glass – also known as electrochromic glass – for the building industry. For more information about SAGE Electrochromics, Inc., please visit www.sage-ec.com.
SOURCE Good Energies