Earlier this week, Tesla Motors Inc. (NASDAQ: TSLA) offered to acquire SolarCity Corp. (NASDAQ: SCTY) in all stock transaction that values SCTY at $2.8 billion. TSLA’s CEO Elon Musk, interestingly, is also the chairman and the largest shareholder of SolarCity.
Tesla’s offer was not received well by investors though. The company’s shares fell sharply following the announcement even though Musk tried to highlight the deal’s benefits.
The last few years have been difficult for the solar industry due to intense competition although several high-profile investors, including Warren Buffett have ventured into the sector. Indeed, given the shift towards clean energy, the solar industry will continue to attract investor interest.
This morning, SolarWindow Technologies Inc. (OTCQB:WNDW), a Columbia, Maryland-based company engaged in the development of transparent electricity-generating coatings for commercial windows on skyscrapers and tall towers, announced that it has raised more than $4.3 million of capital. The capital will be used to further its commercialization plans.
SolarWindow closed the second tranche of its two tranche direct-to- investors capital raise efforts. The company raised $3 million from this tranche. In the first tranche, the company had raised $1.367 million.
The first tranche was closed on March 31, 2016. A total of 28 accredited investors participated in the capital raise. The company said that most of the investors were existing shareholders.
SolarWindow said that it plans to use the funding for building strategic partnerships with glass, energy, chemical, and building industries; achieving specific development objectives required to commercialize SolarWindow; and engaging capital markets to attract both retail and institutional investors.
John Conklin, President and CEO at SolarWindow Technologies, said that the company is privileged to have all of its legacy and new shareholders stand by its side as it drives forward with the development of SolarWindow transparent electricity-generating coatings.
Conklin further said that it has always been the company’s priority to provide its shareholders the opportunity to invest in additional shares at the same price as its major shareholders and the capital raise significantly strengthens the company’s commitment to achieving commercialization.
Conklin concluded by saying that the additional capital not only brings WNDW that much closer towards revenue generation and developing SolarWindow products, which will be instrumental in delivering affordable, clean, renewable energy to help meet the world’s growing energy demand, but also demonstrates the ongoing support from its shareholders that the company continues to enjoy.
Shares of WNDW were up close to 2% on today’s news as they continue to hover at the top range of their 52-week period.
