Dyesol plans to list on the ASX on August 23 with the IPO opening on July 4 and closing on August 15.

The money raised will be used to commercialise the company's dye solar cell technologyand enter the $US5 billion a year renewable energy industry.

The technology is based on the process of artifical photosynthesis. Just as plants use to absorb energy from the sun, the dye in Dyesol solar cells is used to generate renewable energy.

The Dyesol solar cells can be used as the walls or roofs of buildings, providing power even on overcast days. After setup costs, which vary between commercial and residential applications, the technology slashes electricity bills because the energy source is free, the company said.

Dyesol was the market leader in its industry, according to chairman Richard Caldwell.

"Dye solar cells are a quantum leap in technology from the earlier silicon-based photovoltaic cells because they operate in low light conditions and will make a major contribution to the future supply of renewable energy," Caldwell said.

“Our assessment is that there is no other company in the world that is as advanced as Dyesol and we are now at a point where our technology and its related production processes and applications can be commercialised on a global scale.”

Dyesol’s business plan is designed to deliver an “early harvest” of financial returns without the need for a large investment in manufacturing solar cells.

Instead, the company will sell DSC components and equipment, ranging from the dyes used in the cells to the design and delivery of full manufacturing facilities, ready for operation.

Dyesol’s strategy is underpinned by two patents granted in the USA and four patents granted in Australia. It has patents pending in Europe (six), Japan (three) and Australia (five), as well as designs registered in Australia and Europe, and trade marks pending, according to Caldwell.

“We have already established business links with many of the hundreds of researchers and organisations around the world that are working on DSC technology,” he said.

“Our customers include universities in USA, Sweden, China, Taiwan and Korea, as well as Australia and New Zealand, and corporations in Germany, Italy, Korea, Canada and the USA.”

A feasibility study considering a manufacturing plant in Canada is underway in conjunction with Canadian company Helios.