ChromoGenics (Sweden) - Dec 2007

unquote
01 December 2007

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ChromoGenics, a Swedish developer of electrochromic technology, has closed a $2.3m funding round by BankInvest. The financing will be used to scale-up the company’s production capacity. After meeting the company at a European cleantech conference in the spring of 2007, the investor became keen to invest. The company’s technology, market potential and strong IP acted as incentives for the Danish venture capitalist to inject capital. It is anticipated that the company requires approximately €10-15m next year to upscale production to secure growth going forward. In October this year, a $6m second round of funding was led by Industrifonden. Other investors that participated were Volvo Technology Transfer and Innovationsbron (November/December 2007, page 32).

Company

Founded in 2002, ChromoGenics is a spin-off from Uppsala’s Ågnströmlaboratorium. The company specialises in producing ultra-thin plastic foils, which are applied to glass or used as laminates between layers of glass, that vary their degree of darkness, thereby regulating the amount of light and heat radiation that passes through them. The technology is being used in the construction, property and transportation sectors and can reduce energy consumption in buildings by up to 50%. Its technology is also applicable in areas such as eyewear and auto-dimming rear-view mirrors.

People

Poul Erik Schou-Pedersen, managing partner of the fund, has joined the board of directors. Bengt Åkerström is the CEO of the business.

Advisers

Equity - Delphi Law, (Legal)

Sourced from: Nordic unquote" 69 (Jan 2008)