TVP Solar Closes CHF 6.6 Million in Extended Round B Financing
From: Yahoo! Finance – Mon, Aug 5, 2013 2:00 AM EDT
GENEVA, SWITZERLAND-- (Aug 5, 2013) - TVP Solar SA, a game-changer in the solar thermal industry with its high-vacuum flat solar thermal panels, has completed a CHF 6.6 million equity injection as an extension to the Round B of financing (totaling CHF 12.6M) on the 26th of July, 2013.
"Most of the proceeds of this fundraising will be invested in TVP's first volume production plant. After proving the superior performance in-field of our panels across a wide range of heating, cooling and steam applications, this industrial step forward allows our products to hit an unrivalled price/watt ratio, and pushes solar thermal as a competitive energy alternative, independent from any subventions," declared Piero Abbate, CEO of TVP Solar.
"Our Reference Manufacturing Module will have a nominal capacity of 150.000 m2/year of panels and will produce 3 products lines: LT-, MT- and HT-Power, which address thermal applications up to 250°C. Manufacturing equipment suppliers have already been selected, and from June 2014 the production will ramp-up," declared Dr. Vittorio Palmieri, CTO of TVP Solar.
Three value-added investors joined in this Extended Round B closing from Brazil, Italy and Kuwait, reinforcing the global mission of TVP Solar and providing distribution channels in their respective regions.
About TVP Solar:
TVP Solar SA is a Swiss company which designs, develops, manufactures and markets innovative high-vacuum flat solar thermal panels based on patented technology. TVP Solar is a game-changer in the solar thermal industry, effectively competing with electricity in the cooling and industrial process heat markets, while introducing new thermal energy-producing roofs for the residential market.