SAGE Electrochromics Secures $16 Million in Series B Financing Funding led by Good Energies with backing from Applied Ventures and N.V. Bekaert
FARIBAULT, Minn.--(BUSINESS WIRE)--SAGE Electrochromics, Inc., the only provider of commercially viable, energy-saving electrochromic smart window products for buildings, today announced that it has closed a $16 million Series B preferred round, with provisions for an additional investment of $13 million. Good Energies, a leading investor in renewable energy, led the funding, with additional investments from Applied Ventures, LLC (the venture capital arm of Applied Materials, Inc.) and Bekaert.
“We are proud to be working with a group of financers who bring strong strategic value and who are committed to growing successful clean energy technology companies”
SAGE’s patented technology, trademarked SageGlass®, is used to manufacture windows and skylights that can be darkly tinted to block sunlight and heat, or cleared, depending on the needs of the end user. U.S. Department of Energy studies have shown that ~5% of all the U.S. energy consumed is lost due to the inefficiencies of building windows. The DOE reports that in commercial buildings, electrochromic windows can reduce annual cooling loads by up to 20%, and can reduce peak electricity demand in most parts of the U.S. by 19-26%.
“We are proud to be working with a group of financers who bring strong strategic value and who are committed to growing successful clean energy technology companies,” said John Van Dine, CEO and Chairman of the Board for SAGE. “SageGlass® provides a unique, dynamic, clean energy solution capable of delivering bottom line productivity gains and lower energy bills for businesses. This round of financial and strategic backing will enable us to expand the company’s new product development, manufacturing, business development and sales and marketing initiatives, and provide us with the opportunity to bring our clean energy solutions to a broader number of businesses.”
“SAGE is at the forefront of clean energy solutions for businesses. Its electrochromic glass is the next generation in high performance windows because it improves both tenant comfort and light quality, and provides a cost-effective way to sharply cut energy and air conditioning costs,” said Greg Kats, managing director at Good Energies and a leading expert on green buildings and clean technology financing. He added that users responding to SageGlass® products have consistently emphasized improved light, comfort and visual quality. Says Kats, “SageGlass® is a significant breakthrough in building energy efficiency – it is the only commercially available, integral solution to manage solar heat gain and glare from windows. Good Energies believes that this is a critical technology solution on our pathway to zero energy buildings.”
“SAGE's technology aligns well with Applied Materials’ capabilities in precision glass coating, and complements our focus on clean energy solutions,” said J. Christopher Moran, Vice President and General Manager of Applied Ventures. “As SAGE makes the transition to volume manufacturing Applied Materials is positioned to help SAGE achieve its goals of significantly lowering the cost per square foot of energy-saving window products.”
SageGlass products have been tested for years with outstanding results. This includes multi-year testing by the National Renewable Energy Laboratory and the ASTM Test Standard E-2141-02, where it surpassed twice the duration of the test protocol which, in DOE terms, is equivalent to switching a
window from tinted to clear, nine times per day, for 365 days, across a 30-year lifetime. SAGE’s product technology has been incorporated in VELUX skylights since 2003, and won several awards including the 2006 “Top Ten Green Building Products” by Building Green, Inc.
About SAGE Electrochromics, Inc.:
SAGE Electrochromics (www.sage-ec.com) is a smart glass technology company, founded in 1989, and focused solely on the development and commercialization of electrochromic technology for the building window industry.
About Good Energies:
Good Energies (www.goodenergies.com) is a leading investor in the renewable energy industry and a member of COFRA Group, a privately owned group of companies. The current market capitalization of its portfolio is over four billion dollars. Good Energies places its emphasis on the interrelated business areas of solar energy, wind energy, load management and green buildings. The company invests across all life cycles of a company and pursues a long-term investment approach. Good Energies is guided by the 3-P-principle (3-Ps): people-planet-profit; being an investment firm it also aims to accelerate energy transition and strives to alleviate poverty by improving access to affordable renewable energy. Good Energies operates globally and is headquartered in Zug, Switzerland.
About Applied Ventures LLC:
Applied Ventures, LLC (www.appliedventures.com), a subsidiary of Applied Materials, Inc., invests in early stage companies with high growth potential pursuing technologies that provide a natural extension to Applied Materials' core business and innovations that stimulate the growth of applications for semiconductors, displays and related products and services. Applied Materials, Inc. (Nasdaq: AMAT) is the global leader in Nanomanufacturing Technology™ solutions with a broad portfolio of innovative equipment, service and software products for the fabrication of semiconductor chips, flat panels, solar photovoltaic cells, flexible electronics and energy efficient glass (www.appliedmaterials.com).
Bekaert (www.bekaert.com) seeks sustainable profitable growth based on its two core competences: advanced metal transformation and advanced materials and coatings. Bekaert aims to consolidate its position as both market leader and technological leader around the world. With its broad range of high technological products, systems and services, Bekaert offers high added value for its customers. Bekaert (Euronext Brussels: BEKB) is a European-based company, headquartered in Belgium and employing 18,500 people. Bekaert, present in 120 countries, generates annual sales of more than € 3 billion.