Saudi"s invest in Dyesol
November 29, 2013 11:58 am Category: Latest News, Solar A+ / A-
Tasnee
Dyesol has announced that Saudi Arabian technology firm Tasnee has invested $16 million in the Australian solar PV developer.
The National Industrialization Company of Saudi Arabia (Tasnee) completed due diligence on the investment with Dyesol in September. The first tranche of $10 million of the investment will take effect immediately, pending shareholder approval. A further $6 million investment (also subject to shareholder approval) is convertible into company shares at 18 cents per share if made at or before a January EGM next year. If the investment is made later, it will be convertible into company shares at a 25 per cent discount to the 30-day VWAP, if it is made within one year after the EGM.
The investment pledge is in addition to a $4 million investment Tasnee placed in Dyesol in February.
Tasnee is the world"s second largest producer of titanium dioxide. Through its subsidiary Cristal"s acquisition of Bemax Resources, it owns several titanium mines in Australia. Cristal has been working with Dyesol UK since 2009 to develop nano-titania for use in Dyesol"s work to commercialise Dye Solar Cell (DSC) technology, of which Nano-titania is a key material.
Dyesol plan to use the collaboration with Tasnee to execute a milestone-based business plan for the deployment of its DSC technology, which uses an integrated PV application for use on glass and metal-based products, within two to three years.
www.energybusinessnews.com.au/energy/solar/...nvest-in-dyesol/