SOURCE: Chromasun

April 07, 2010 08:06 ET

Chromasun Announces First Round Institutional Investment

Maker of Industrial Rooftop Solar Solutions Attracts Leading International Investors

SAN JOSE, CA--(Marketwire - April 7, 2010) - Chromasun today announced the close of its first institutional funding round. The $3 million investment was led by Danish investor, VKR Holding. Co-investors include GoGreen Capital and two unnamed US investors. The investment will be used to fund the continued growth of Chromasun and market introduction of its innovative MCT solar collector for solar cooling applications.

Chromasun CEO Peter Le Lievre stated: "This is a world-class investment team that will provide Chromasun and its MCT product with significant support for our worldwide expansion plans. I am especially delighted given that these particular investors all understand Chromasun's market space intimately and share our passion for this most promising sector."

Jens Ove Albertsen from VKR Holding said: "Solar driven air-conditioning systems can dramatically reduce peak grid demand and significantly improve building environmental performance. Because of our investments in solar thermal, VKR has good insight into what many solar companies are doing to address cooling. It is with this perspective that I believe Chromasun is the company to watch in this space."

Chromasun currently has showcase projects under development in Australia, USA, Europe and the Middle East.

Coady Diemar Partners provided investment-banking advice on the transaction.

About Chromasun:

Founded in 2008, Chromasun is a leading developer and manufacturer of rooftop friendly high performance solar solutions. Chromasun's unique MCT HT solar collector provides high grade thermal energy but in a familiar flat panel format with no external moving parts. The MCT HT is designed to drive high performance air-conditioning absorption chillers and other industrial process heat applications directly from sunlight. It is the most space efficient solar technology available and can produce more energy per unit of roof area than any competing technology. As a leader in the space, the Chromasun team of engineers and professionals have decades of experience in utility scale solar, air-conditioning engineering, product development and manufacturing.

About VKR Holding:

VKR Holding's mission as an industrial investor is to own and develop a number of companies that bring daylight, fresh air and a better environment into people's everyday lives. VKR Holding's objective is to create value through active ownership of a number of model companies.

Contact: Anette Haaning phone: +45 21 15 44 08.

About GoGreen Capital

GoGreen Capital is a venture capital firm focused on the renewable sector, investing mainly in early-stage companies in Europe and North America. Recently established, GoGreen Capital is based in Brussels, Belgium and leverages a solid track record of investments made by its shareholders in the renewable industry for the last 15 years, notably in a leading solar thermal energy supplier.

Contact: Timothy Vander Elst email: timothy@gogreencapital.be

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