G24 Innovations (“G24i”) today announced that Morgan Stanley Principal Investments (“MSPI”) has invested US$20 million in G24i.
MSPI’s investment comes in the form of newly issued ordinary shares, giving it a minority stake and the right to appoint a director to the Board.
MSPI will be the lead investor in G24i’s ongoing fundraising, in which the Company expects to raise additional primary capital to fund growth in the next two years. Founders and existing shareholders Robert Hertzberg, Chairman of the Board, and Edward Stevenson, Chief Executive Officer, will continue to hold the majority of G24i’s share capital.
Commenting on the transaction, Andrés Rubio, Head of MSPI Europe, said, “We are looking forward to working with G24i to further develop the company’s business and create additional growth opportunities. This investment is a milestone for MSPI as it is our first investment in the European solar energy space and highlights Morgan Stanley’s ongoing commitment to the renewable energy sector.”
Robert Hertzberg, Chairman of G24 Innovations, added: “We are very pleased with the investment by MSPI which enhances G24i’s investor base and creates new opportunities through access to Morgan Stanley’s global network. MSPI is the ideal new partner to help G24i reach its growth objectives. We look forward to working together to further expand the business.”
The announcement comes at an exciting time for G24i. Having launched its first product, a solar powered mobile telephone charger, at the end of 2007, the business is now looking to expand and capitalise on its recent growth. Its latest innovation, a solar powered LED light, was awarded a $200,000 ‘Lighting Africa Development Marketplace’ grant by the World Bank and IFC in May and is expected to be released later this year.
Note to Editors:
G24 Innovations (G24i), a UK based company, is the world’s first to commercially manufacture next generation Dye-Sensitized Thin Film solar cells, an alternative to traditional silicon solar cells.
Dye-Sensitized Thin Film solar cells are unique in that they are extremely lightweight, durable, and produce electricity in low-light and indoor conditions. As a result, G24i’s advanced solar cells are perfect for powering mobile electronic devices such as mobile telephones, cameras, and portable LED lighting systems.
On a larger scale, G24i’s flexible thin film integrates effectively into clothing, tents, electronic advertising displays, and works well for indoor building integrated photovoltaic systems where local regulation requires on site generation or significant energy efficiency measures.
G24i’s proprietary high speed roll-to-roll manufacturing process allows for large volume production at its 23 acre, 187,000 square foot facility. Further information at: www.g24i.com.
About Morgan Stanley
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 33 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
Morgan Stanley Principal Investments ("MSPI") invests Morgan Stanley's capital in attractive return investments that leverage Morgan Stanley's proprietary relationship network.
For more information, please contact:
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Andy Field or Oliver Williams
+44 (0) 20 7831 3113