A solar energy startup in the US that aims to commercialize transparent solar coating technology for glass surfaces, Ubiquitous Energy has closed its Series B funding round having raised a total of $30 million from new and existing investors.
Series B funding will be deployed by the company for its continued research and development, along with manufacturing and product deployment.
It identifies the investors for this round as window and door maker Andersen Corporation, oil company ENEOS, venture fund Safar Partners, superannuation fund Hostplus, venture capital firm Red Cedar Ventures and private investment firm Riverhorse Investments, among others.
With the $30 million raised, Ubiquitous counts its total funding to date as adding up to $70 million all of which will enable it to achieve commercialization for its transparent solar UE Power technology. It is currently scouting locations to house its 1st high volume manufacturing line in the US.
UE Power is a transparent solar PV coating for standard windows that generate electricity from non-visible light on the full surface of the window glass without patterns, borders or color tints, the management describes. It ensures clear, natural experience with the electricity generated to be used for self-contained, on-board power and smart functionality 'or to offset energy consumption elsewhere'.
The company was launched by scientists and engineers from Massachusetts Institute of Technology (MIT) and Michigan State University (MSU) in 2011. The team sees immense potential for its technology to help the world lower its emissions as it states, "Broad adoption of UE Power™ within architectural glass has the opportunity to offset up to an estimated 10% of global CO2 emissions, greatly reducing the 40% of global carbon emissions that come from buildings and improving their energy efficiency at the same time."