ChromoGenics (Sweden) - Oct 2007

unquote
01 October 2007

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ChromoGenics, a Swedish developer of electrochromic technology, has received a $6m second round of funding lead by Industrifonden. Industrifonden invested $3m, while existing investors Volvo Technology Transfer and Innovationsbron also participated in the round. The new funding will finance the scale-up of ChromoGenic’s production capacity to support the commercialisation of the company’s products. The company’s first commercial product will be for motorcycle helmets. The company was deemed attractive to Industrifonden because of its core technology that the investor believes to have a global reach and market. The investor expects to provide further funding to the company for it to reach its potential. No external advisers were used in the deal process.

Company

ChromoGenics was founded in 2002 and is a spin-off from Uppsala’s Ångströmlaboratorium. It 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. Applications for the technology include sectors such as construction, property and transportation, and it can reduce energy consumption in buildings by up to 50%. The ChromoGenics technology is also applicable in other areas such as eyewear and auto-dimming rearview mirrors. The company won the ‘Most Promising Technology Award 2007’ at the Cleantech Forum XIII in Germany this year.

People

Anders Schelin, investment manager of Industrifonden, worked on the deal. Bengt Åkerström is the CEO of ChromoGenics.

Sourced from: Nordic unquote" 68 (Dec 2007)