Tasnee Proceeds with Strategic Investment in Dyesol

Saudi Arabian industrial giant Tasnee, also known as The National Industrialization Company of Saudi Arabia, has confirmed its intention to invest up to an additional AUD$16 million in Dyesol, in addition to the AUD$4 million Tasnee invested in the Australian renewable energy innovator in February.

Tasnee will make its strategic investment in two tranches. The first tranche of AUD$10 million, convertible into Dyesol shares at 18 cents per share, is to take effect immediately – subject to Dyesol shareholder approval. The second tranche of AUD$6 million (also subject to shareholder approval), is an option convertible into Dyesol shares at 18 cents per share, if the investment is made at or before an Extraordinary General Meeting (EGM) scheduled for January 2014. Otherwise, it will be convertible into Dyesol shares at a 25% discount to the 30 day volume weighted average price, if the investment is made after the EGM and within one year.

Tasnee is a $5 billion diversified industrials company listed on the Saudi Arabian Stock Exchange and the world’s second largest producer of titanium dioxide. It is strongly vertically integrated and owns several titanium mines in Australia, principally through its subsidiary Cristal’s acquisition of Bemax Resources. Cristal has been working with Dyesol UK since 2009 to develop nano-titania for use in Dyesol’s work to commercialise Solid State Dye Solar Cell (ssDSC) technology. Nano-titania is a semi-conductor and a key material in manufacture of ssDSC photovoltaic solar cells.

Dyesol is a global leader in the field of Solid State Dye Solar Cell technology. ssDSC is a third generation photovoltaic technology often referred to as “artificial photosynthesis” due to the way the thin layers of key materials – including the semi-conductor titanium dioxide – generate renewable energy from sunlight, shady light, dappled light or even indoor lighting.

Together, Dyesol and Tasnee will collaborate to execute the milestone-based business plan for commercialization and mass deployment of Solid State Dye Solar Cell technology into the built environment (building integrated photovoltaic applications) on glass and metal based target products within a two to three year timeframe.