Thursday, 30 June 2016
Last updated 8 hours ago
Feb 25 2009 | 9:10am ET
Minnesota-based SAGE Electrochromics has raised $20 million in a third round of funding for its smart window technology.
The funding round was led by renewable-energy investor Good Energies, Applied Ventures (the venture capital arm of Applied Materials) and Bekaert, a Belgian coatings and materials firm. The three firms had invested $16 million in Sage in 2007.
The company has been waiting two years for Department of Energy (DOE) approval of a $65 million loan for the construction of a high-speed manufacturing facility. Some of the new investment will be used for production, with the rest going to expand its international presence, and into new product development, manufacturing, sales and marketing.
SAGE’s windows tint at the flip of a switch, reducing the amount of light and heat allowed in. The DOE has said that electrochromic windows can cut air conditioning costs by up to 20% per year in commercial buildings.