Investment of up to $1.17 million from CSIRO’s Australian Growth Partnership (AGP) programme.
June 30, 2010 Dyesol (ASX: DYE), a world leader in the commercialisation of dye solar cell (DSC) technology, and CSIRO announced completion of transaction documents for a collaboration to develop higher performing dyes in a two year project that will be funded by an investment of up to $1.17 million from CSIRO’s Australian Growth Partnership (AGP) programme.
Under the terms of the collaboration, Dyesol will project manage a specialised team of experienced scientists from CSIRO to work with the Company on an agreed development program leveraging Dyesol’s deep knowledge of ruthenium based dyes and CSIRO’s extensive modelling and research capability. The program will target the creation of new intellectual property (IP) that the Company expects will further reinforce its market leadership position in the DSC photovoltaic market. Under the terms, Dyesol can exclusively access the project IP.
Ruthenium based dyes, known as organo-metallic dyes, are at the core of DSC technology. DSC requires the deposition of nano-particulate titania, ruthenium dyes and an electrolyte, sandwiched between suitable substrates, capturing light and, through an electrochemical process, converting it into energy. DSC is particularly suited to building integrated photovoltaic (BIPV) applications offering an energy solution to the built environment which is the largest consumer of electrical power globally.
Dyesol Australia’s Acting CEO, David Bundy said: “This project builds on the foundations of Dyesol’s commercialisation strategy in which partnerships with global companies such as CORUS (Tata Steel) and the collaboration with Pilkington NA, are complemented by programs with technology leaders like the CSIRO providing us both with access to valuable IP in higher performing materials as well as powerful access to high value markets.”
The transaction involves the purchase of a Dyesol laboratory solution by CSIRO, a direct investment into Dyesol via the AGP program and in-kind contributions from both CSIRO’s Energy Transformed Flagship and Dyesol itself.
Should the program outcomes be achieved, the terms of the financing facility provides Dyesol with flexibility in respect to its preferred repayment options including the issue of equity to CSIRO and/or royalty stream participation.
Dyesol believes that once executed, this world-class partnership will add to those already in place, offering it an exceptional opportunity to leverage the R&D capability of its collaborators with the application development experience of its commercial partners to support the business model that will deliver DSC products to the world market.
For further information contact Viv Hardy at Callidus PR on +61 (0)2 9283 4113 or on +61 (0)411 208 951.
In Europe contact Eva Reuter, Investor Relations, Dyesol Europe on +49 177 6058804