LONDON — G24 Innovations Ltd. (Cardiff, Wales), a pioneer of dye-sensitized thin-film solar cells, has raised a further $30 million, through an investment by the renewable and alternative energy fund, 4RAE. This follows on from a $20 million investment by Morgan Stanley Principal Investments in June.
The company said it would use the latest tranche of money for rapid expansion of production and sales capability. Rijkman Groenink, a former ABN Amro CEO and chairman, is set to represent 4RAE on the G24i board.
"I greatly look forward to working with 4RAE as we continue towards our objective of revolutionizing personal energy," said Robert Hertzberg, chairman of G24 Innovations, in a statement.
"This is a perfect start for 4RAE. We are launching the fund with the objective of backing businesses with smart technology, such as G24 Innovations, that have a strong competitive position in the renewable energy area and are helping to resolve the huge environmental challenges that the world faces," said Marcel van Poecke of 4RAE, in the same statement.
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