3GSolar, leading developer of Dye Solar Cells,Raises $2.5 Million from HuaXiang Holdings of China

Ningbo Hauyou Real Estate Company Ltd, a member of the HuaXiang group of China, has committed $2.5 million to 3GSolar Photovoltaics Ltd. 3GSolar is developing unique technology to produce electricity using dye based photovoltaic cells. The HuaXiang Group is ranked among the largest 500 private companies in China. The group, with some 10,000 employees, operates in the automobile, auto parts and real estate industries. This is the first investment by the HuaXiang Group in Israel and their first investment in the area of Cleantech. Existing investors in 3GSolar are Solar Partnership which is a technology investment fund advised by Smedvig Capital, and the Israel Electric Company through its KARAT program.

“Mr. Zhou Mingfeng, president of the HuaXiang group, with a number of dignitaries from the XiangShan province at 3GSolar Photovoltaics in Jerusalem Israel.”

The president of HuaXiang, Mr. Zhou Mingfeng visited Israel accompanied by a number of dignitaries from the XiangShan province. The trip was organized with the assistance of GIE (Galilee Investment Ltd.), agents for this transaction.

The guests visited the 3GSolar development lab and were briefed regarding its technology developments. They also visited the rooftop solar test station of the building where electrical appliances are operated by 3GSolar PV panels.

Barry Breen, CEO of 3GSolar, stated that this investment is earmarked to promote continuation of the company’s R&D activity in the area of printed solar cells, including both glass and plastic cells. These cells have clear advantages over other solar technologies for applications such as BIPV (building integrated photovoltaics) and for electronics used indoors where the need for batteries can be eliminated. 3GSolar is currently in discussions with industrial partners to develop, manufacture and market its innovative solar products.

Dr. Jonathan Goldstein – Founder and President of 3GSolar: “The people at HuaXiang recognized that 3GSolar’s technology constitutes a competitive and inexpensive alternative to the better-known silicon technology and possesses unique advantages such as: lower cost of energy, ability to maintain efficient energy production even in extreme weather, and the ability to produce energy in poor lighting situations such as shade and even indoors.”

About 3GSolar

3GSolar is the global leader in development of commercial-scale printed solar cells using dye solar cell technology (“DSC”). DSC replicates the natural process of photosynthesis to produce electricity. DSC cells produce up to 40% more electricity than photovoltaic cells based on silicon technology in a range of lighting conditions. The solar cells are simple to manufacture using a process with very low capital costs and minimal toxic materials. 3GSolar already developed the world’s most efficient large printed DSC and demonstrated outdoor durability in a rooftop test station that is in operation for over two years. In addition to its commercial-size glass cells for power modules and for building integrated modules (BIPV), 3GSolar also has shown transfer of its technology to plastic foil. Company headquarters and R&D facilities are located in Jerusalem, Israel. 3GSolar’s energy producing technology will be available in 2015.


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