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Green: Investors put $20 million into Faribault glass firm

Post Time:Feb 25,2009Classify:Company NewsView:395

SAGE Electrochromics, a Faribault-based provider of energy-efficient glass products for buildings, announced Tuesday that it had secured $20 million in new financing from a group of firms that invest in renewable-energy products.

In a press release, SAGE officials said the financing will help the company to expand its work in international markets, develop new products and business, and bolster its manufacturing, sales and marketing efforts.

John Van Dine, SAGE’s CEO and chairman of the board, said in a telephone interview that the financing is a “general investment in the company to focus on increasing its growth and preparing for greater growth as we move forward.”

He added that SAGE has retained a site selection firm to work on a “major expansion.” He declined to offer more details on the expansion, but said the company will make an announcement “in the not-too-distant future.”

In its announcement, SAGE identified the major investor as Green technology investor Good Energies, which has offices in London, New York, Toronto, and Washington, D.C.; other investors in the financing included Applied Ventures, NV Bekaert SA, and Bekaert Corp.

In a press release, Van Dine said the investor firms “have long and successful track records of investing in renewable energy and energy-efficiency companies, and can lend their respective expertise to helping us achieve our business goals.”

SAGE is no stranger to this collection of investors. In July 2007, the company received $16 million in venture capital money from a group that included Good Energies, Applied Ventures and Bekaert.

SAGE provides what it calls “electronically tintable” glass products that can switch from a dark tint to clear with the push of a button. The glass is used in windows, curtainwalls and skylights for commercial and residential buildings.

Known as “SageGlass,” the patented glass product is designed to save energy and maximize comfort by controlling solar heat gain and bringing daylight into the interior spaces while minimizing glare.

Source: finance-commerce.comAuthor: shangyi

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