Dyesol exceeded its goal of a minimum $2.5 million capital raising and will issue 12.7 million shares to 502 new shareholders.
Trading under the ASX code ‘DYE’, Dyesol offers dye solar cell (DSC) technology. This replicates photosynthesis found in nature and operates effectively in low light conditions, giving it a major advantage over conventional silicon-based solar cells, the company claims.
Managing director Sylvia Tulloch said the IPO and ASX listing was a solid foundation for Dyesol to promote its DSC technology into a global solar energy market worth US$5 billion annually.
The company will sell DSC components and equipment, including the dyes used in the cells, as well as the design and delivery of full manufacturing facilities, ready for operation to R&D and manufacturing groups. Dyesol has already signed its first commercial agreement with Canadian company Helios, to conduct a feasibility study for a manufacturing plant in Canada.
Dyesol’s DSC technology combines artificial photosynthesis with one of the world’s first commercial applications of nanotechnology, replicating the leaf of a plant with a layer of titania (the material used as a pigment in white paints and toothpaste) and the plant’s chlorophyll with ruthenium dye.
Sunlight striking the dye excites electrons, which are absorbed by the titania to form an electrical current. An electrolyte then replaces the electron to complete the circuit.
