Kalen Capital Corporation (KCC), the family office of Harmel S. Rayat, founder and Chairman of SolarWindow, has invested approximately USD 24.9 million in the production of electricity-generating glass.
“This capital infusion marks a historical inflection point for SolarWindow and its almost 15,000 shareholders. With this capital in hand and a decade of research and development behind us, we can now purchase equipment and hire personnel required for manufacturing of electricity-generating glass, a brand-new form of electrification,” stated John Conklin, President and CEO of SolarWindow Technologies.
Rayat originally conceived the idea of transparent electricity-generating glass to harness the endless amounts of solar energy streaming through millions of building windows daily. A decade later, SolarWindow™ is the subject of more than 90 US and international patents and trademarks, numerous record-setting breakthroughs, and independent, third-party validation. His investment today will drive Rayat’s early vision forward to a commercial product.
“My financial investment and confidence in SolarWindow is stronger than ever. I believe that we’re in the right place at the right time, and am proud to support the launch of one of the most exciting technology start-ups in recent memory,” stated Rayat.
“I envision SolarWindow changing the way we power our buildings with clean energy that not only benefits our environment, but also generates greater financial returns. As a commercial real estate investor and building owner, I see huge upside for developers, building owners, and even tenants who can lower their operating costs while increasing property values as green buildings.”
When clad with electricity-generating windows, tall towers and skyscrapers could become clean power generators. A single SolarWindow™ installation on a 50-story building, for example, could reduce electricity costs by as much as 50% per year, avoid more than two million miles of equivalent carbon dioxide emitted by vehicles on the road, and achieve a one-year financial payback, according to independently-validated engineering modelling.
Almost 40% of electricity in the US is generated by fossil fuels. Reducing the burning of these fuels could help mitigate their impact on climate change, which a recent report mandated by US Congress says is “an immediate threat, not a far-off possibility.”
The USD 25 million equity financing announced consisted of (i) USD 19.8 million cash component, of which KCC accounted for approximately USD 19.7 million, and (ii) an additional USD 5.2 million debt conversion component reflecting the conversion by KCC of USD 3.6 million principal amount of outstanding loan indebtedness and USD 1.6 million of accrued and unpaid interest thereon into equity of the company.