ClearVue Technologies Ltd (ASX:CPV, OTCQB:CVUEF) has secured a A$30 million at-the-market facility (ATM) with Alpha Investment Partners in preparation for the commercialisation of its solar glass technology worldwide.
The ASX-listed smart building materials company chose the ATM to provide it with standby equity capital over the next five years as it works to scale its globally significant ClearVuePV IGU glazing products and integrated ClearVuePV Solar Façade solution.
In return, ClearVue has placed 10 million shares in the company with Alpha Investment Partners as collateral, which it can buy back at any time at no cost.
It’s about having control
“Over recent months, the commercial potential of our technology has been validated by independent, third-party verification demonstrating the real-world performance benefits of our unique products,” ClearVue chief executive officer Martin Deil said.
“Having access to flexible capital is critical to accelerate our growth plans and progress our pathway to commercialisation.
“Unlike traditional capital raises, an ATM empowers us to raise investment at prevailing market prices.
“While the ATM is a relatively new product in Australia, they have been widely used in the US for many years.
READ: ClearVue Technologies Gen-2 IGU testing verifies significant energy generation, efficiency savings and carbon benefits
The ClearVue management reviewed a number of fund-raising options prior to selecting the ATM as it provides control over the timing of capital issues, with minimal dilution to the proceeds raised due to its simplicity.
Furthermore, there are no restrictions at any time on ClearVue raising capital through other methods.
“We determined it prudent for ClearVue to have access to such a facility so it may respond efficiently and cost-effectively to emerging and anticipated investor demand as we start to scale our execution in multiple global markets.
“This means we now can engage with potential strategic or institutional investors on our own timeline, instead of conducting short to medium term capital raising under pressure.”
Solar glass energy solutions
ClearVue has developed an advanced glass technology that integrates solar energy into building surfaces to provide renewable energy while maintaining aesthetics.
Energy from the sun is harnessed using windows constructed with an interlayer made of a proprietary formulation of nano and micro particles.
The technology is meant to complement and make more compelling, the increased use of energy-efficient windows now being regulated in response to global climate change and energy efficiency goals.
The application has use in the building and construction and agricultural industries, among others.