Cardiff, Wales – July 20, 2007 – G24 Innovations Limited (G24i), the UK-based company developing the world’s first large scale production of dye-sensitised solar cells (DSSC), has announced the completion of a sale and 20 year leaseback arrangement for its site in Cardiff, Wales. The deal over the 187,000 sq. ft. (17,300 sq. m.) Wentloog Environmental Centre has been agreed with Standard Life Investments, acting on behalf of RBS Pension Trustees. It signals significant investor confidence in the company’s plans for the commercial scale-up of DSSC production. Property consultants DTZ acted as advisers to G24i on the deal.
G24i will have an initial 30MW production capacity at the site with plans for expansion. G24i is developing solar power solutions for portable electronic devices as well as building-integrated materials. It also sees a significant role for its technology in addressing energy access in the developing world.
Since moving into the facility in October last year, G24i has made a significant investment in site improvements to both brand the site and make it a world class manufacturing facility. It is also pursuing plans to become the UK’s first site to produce renewable energy products through the exclusive use of renewable energy and to develop an environmental learning and education centre on-site for the local community.
Commenting on the deal, Jason Baggaley, Fund Manager at Standard Life Investments, said: “The purchase provides the Fund with a long term income stream with annual fixed increases. The building is well located and serves G24i well with the availability of a highly skilled workforce. We are delighted to have concluded the transaction and look forward to the success of G24i and its innovative product.”
Daniel Griffiths, Head of Investment at DTZ Cardiff adds: “This was a very exciting time to get involved with G24i in an important transaction, not just for us but for Cardiff as a whole. There is no doubt the G24i facility at Wentloog is the best production facility in Wales. This combined with the exciting products that G24i are launching, created a very marketable investment product. As a result, it was no surprise to see such a strong and respected brand such as Standard Life acquiring the resulting property investment.”
Clemens Betzel, President of G24i comments: “The calibre of investors in this deal is testament to our value as a long-term tenant and a real endorsement for the potential of the DSCC market. G24i’s product represents a technological breakthrough that will make solar energy a viable renewable energy option for the first time for a range of new industries and geographies.”
Notes to Editors:
About G24i
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 our 23 acre, 187,000 square foot facility. Further information at: www.g24i.com.
For more information, please contact:
G24 Innovations:
Eliot Abel
+44 (0) 2920 837 340
eliot.abel@g24i.com
FD (PR):
Andy Field or Oliver Williams
+44 (0) 20 7831 3113
andy.field@fd.com
olly.williams@fd.com
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