Research Frontiers has reportedly raised USD 2.5 million in expansion funds from existing investors, which include architects, owners and developers of some of the world“s biggest buildings.
The inv…
Research Frontiers has reportedly raised USD 2.5 million in expansion funds from existing investors, which include architects, owners and developers of some of the world“s biggest buildings. The investors received 641,026 shares of smart glass technology company Research Frontiers at USD 3.90 per share, which was the average market price of the stock on 15 September. The same investors also received 128,205 five-year warrants to purchase additional shares at USD 6.25 per share. The funds raised will be used to expand the business, as smart glass technology picks up demand and more projects are announced. Moreover, the company also plans to add more staff in its sales, marketing, and business development areas. Research Frontiers“ SPD-Smart light-control film technology transforms products such as windows, skylights, curtainwalls, partitions and sunroofs into products that allow consumers to instantly control the light, glare and heat entering a building or vehicle. The technology also works to increase security, noise reduction and protection from harmful ultraviolet light. Independent data shows that SPD-SmartGlass technology can be used to make the highest-performing and most energy-efficient windows in the world, said president and CEO Joseph M. Harary. Potential future applications of the technology could include eyewear products, motorcycle helmets, mirrors and even flat panel displays.