Industrifonden invests in Chromogenics

Industrifonden has invested US$3 million inChromoGenics Sweden AB, the award winning and leading developer of electrochromic technology - a patented glass laminate green technology which greatly reduces or eliminates the need for air conditioning in buildings and vehicles.

In this second round of funding, the remaining investment came from existing shareholders and loan. It supplements the initial US$3 million funding provided in 2005 by Volvo Technology Transfer, DuPont Ventures and Innovationsbron. The new funding will finance the scale-up of ChromoGenics’ production capacity, which is required for large volume production of the initial product applications.

ChromoGenics’ unique patented electrochromic technology, which received the Most Promising Technology Award at the 2007 Cleantech Forum XIII in Frankfurt, Germany, produces ultra-thin plastic foils, which are applied to glass or used as laminates between layers of glass, and which vary their degree of darkness, thereby automatically regulating the amount of light and heat radiation that passes through them. So for example, in instances where the foils are used in buildings and vehicles, the need for air conditioning is kept to a minimum or eliminated entirely. It is possible for ChromonGenics to manufacture large volumes of foil at low cost, making it a highly competitive commercial product.

Applications for the technology include sectors such as construction, property and transportation and provides these sectors with a highly cost effective solution to the growing requirements for energy consumption reduction. In particular, ChromoGenics’ smart window technology creates completely new ways of using windows in buildings and vehicles and can help reduce energy consumption in buildings by up to 50%.

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.”

Bengt Åkerström, chief executive of ChromoGenics said: “At a time when carbon foot print reduction is the No 1 topic for governments and, in particular, in the boardrooms of construction, property and automotive companies around the world, our technology provides cost effective solutions in a near future. We are delighted that Industrifonden has recognised this by placing their money and their trust in ChromoGenics.”

For further information, please contact:

Bengt Åkerström, CEO, ChromoGenics Sweden AB Tel: +46 (0)18 43 00 435
Email: bengt.akerstrom@chromogenics.se

Anders Schelin, Investment Manager Industrifonden, Tel +46 (0)8 587 919 00

Email: anders.schelin@industrifonden.se

For more information: www.chromogenics.se