ClearVue inks $30m funding facility

Solar technology company ClearVue has secured a $30 million funding facility to accelerate the development of its glazing and solar façade products.

ClearVue is an ASX-listed company which is working on integrating solar photovoltaic cells into windows and building façades to provide renewable energy.

The West Perth-based company told the ASX this morning it had entered into a five-year $30 million at-the-market (ATM) funding facility with Sydney located Alpha Investment Partners.

ClearVue said the funding facility would provide it with up to $30 million of standby equity capital to enable it to conduct capital raising activities over time.

The solar tech company agreed to place 10 million shares to ATM as collateral.

ClearVue chief executive Martin Deil said having access to flexible capital would accelerate its growth plans and progress its pathway to commercialisation.

“Unlike traditional capital raises, an ATM empowers us to raise investment at prevailing market prices,” he said in a statement.

“While the ATM is a relatively new product in Australia, they have been widely used in the US for many years.

“For ClearVue this means we can now engage with potential strategic or institutional investors on our own timeline, instead of conducting short to medium term capital raising under pressure.”

In May, ClearVue won a $2 million grant through the state government’s Investment Attraction Fund to advance its manufacturing operations.

ClearVue is expected to use the up to $2 million grant to manufacture key components used in its patented solar-integrated glazing units and windows at its new plant in Perth.

The company plans to develop an assembly line to manufacture solar photovoltaic strips used for solar collection in its solar windows and façades.