Chromogenics raises $6M in second round, gears up for production

Second-round investment

ChromoGenics AB, the developer of electrochromic technology – a glass laminate technology that reduces or even eliminates the need for air conditioning in buildings and vehicles – has closed a second round of funding of $6 million from existing shareholders and a new investor, Industrifonden of Sweden, which subscribed $3 million.

The new funding will finance the scale-up of ChromoGenics’ production capacity.

ChromoGenics , which was spun out of work by Professor Claes-Göran Granqvist and his team at the Ångström Laboratory, Uppsala University, Sweden, won the most promising technology award at the 2007 Cleantech Forum XIII in Frankfurt, Germany. The technology consists of ultra-thin plastic foils, which are applied to glass, or used as laminates between layers of glass. The foils automatically vary their degree of darkness depending on the amount of sunshine, thereby regulating the amount of light and heat radiation that passes through them. This reduces the need for air conditioning. It is possible to manufacture large volumes of foil at low cost.

Applications include construction, property and transport. The company claims the foil can reduce energy consumption in buildings by up to 50 per cent. Buildings alone use 40 per cent of the energy consumed in the European Union.

ChromoGenics’ technology is also applicable in eyewear and auto-dimming rear-view mirrors.

Anders Schelin, Investment Manager of Industrifonden, said, “The commercial potential of the applications of ChromoGenics’ technology is considerable and we are delighted to become an investor at this pivotal time in the company’s development.”