- NEXT Energy has raised $13.4 million Series C funding from real estate, architectural and coal mining investors
- It plans to deploy the proceeds to prepare its transparent BIPV window technology based on organic PV for commercialization to be used by window manufacturers
- The investors in this round, it explained, gives it broad access and insight into the global commercial real estate market, architecture and engineering communities
California headquartered building integrated PV (BIPV) windows company NEXT Energy Technologies, Inc. has raised $13.4 million from a host of investors supporting its proprietary transparent PV coating. Proceeds will be deployed to accelerate its transition to large-area coating for commercialization, pilot installations, durability testing, and industry certification.
All this is in preparation for its technology to be used by leading window manufacturers, said the company.
NEXT Energy claims to be developing energy harvesting window technology as low-cost, printable, transparent coatings that can be seamlessly integrated into dual-pane windows—doing away with the need for encapsulation—to help architects and building owners to use windows and glass facades as producers of low-cost, on-site, renewable energy for buildings.
It explains the technology comprises proprietary organic semiconducting materials found in abundance on earth that are coated as an ink in a high-speed, low-cost and low energy process. Within 1 year, NEXT Energy says its technology can payback while generating electricity for 30 years.
Citing US government statistics of the building sector accounting for about 76% of electricity use, and 40% of all the country’s primary energy use and associated EHE emissions, NEXT Energy believes there is a huge potential for the proliferation of its technology. Some of the demonstration projects by its early partners make the latter believe it can bring down their operating costs, bringing them a competitive advantage while addressing climate change, it added.
The funding round had a number of investors from several industries including GEAR Innovation Network, the innovation arm of Indonesia based coal miner Golden Energy and Resources Ltd.; architectural glass fabricator Viracon; architectural glass, aluminum framing systems, installation services provider for commercial buildings Apogee Enterprises; real estate company Alon Blue Square Israel; and the real estate family office of Rincon Advisors.
NEXT Energy sees a ‘strong strategic alignment’ with its financing partners as they provide the company with ‘broad access and insight into the global commercial real estate market and architecture, engineering and construction communities’. For the investors, NEXT said the investment will give them access to a clear and powerful energy solution to power buildings and protect the planet.
“As we move on from lockdown living, the places we occupy must support well-being at an individual level,” said Gensler CEO and a board member at NEXT Energy, Andy Cohen. “On a larger scale, buildings must be sustainable, show returns and make positive impacts on their neighborhoods and the global ecosystems to which they contribute. The breakthrough window solutions from NEXT will be a step towards helping us meet that goal.”
According to the company, this latest round of funding follows the company’s recent selection into the CalTestBed Initiative, which is a California Energy Commission (CEC) funded effort to accelerate the commercialization of clean energy technologies. NEXT is one of 25 startup companies that were chosen for this program and receiving CEC support to help the state meet its goal of achieving 100 percent clean energy by 2045. As a participant, NEXT said it is receiving up to $300,000 in third-party testing to demonstrate and enhance the reliability of the company’s organic photovoltaic modules with experts at UC Santa Barbara’s Optical Characterization facility in Santa Barbara, CA. The program also provides the opportunity to develop commercialization partners and engage potential customers, it said..