SolarWindow Technologies Inc (OTC:WNDW) raised eyebrows, and investors expectations, Wednesday, with word it had the completion of a $25-million equity financing.
Kalen Capital Corporation, the family office of SolarWindow founder Harmel S. Rayat, has invested approximately $24.9 million in this round.
Said current SolarWindow CEO John Conklin, "This capital infusion marks a historical inflection point for SolarWindow and our nearly 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."
When dressed in electricity-generating windows, tall towers and skyscrapers could become clean power generators. The company says 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.
Those tall buildings could provide something of a metaphor for the company’s stock fortunes; SolarWindow shares climbed by noon hour ET Wednesday, gaining 82 cents, or 29.9%, to $3.56, on volume of 246,000 shares.
