RIYADH: Solexel, a leading US-based producer of high-performance solar PV technology, has finalised a round of financing that included Riyadh Valley Company, the venture capital investment arm of King Saud University of Saudi Arabia.
Through investor introduction services provided by naseba, the investment will be used to help transition Solexel into revenue, said a statement.
Solexel’s innovative high performance, lightweight solar PV panels will deliver low cost energy, it said.
The Middle East is the most liquid region in the world today and investors based there are keen to adopt innovation, as well as foster entrepreneurship.
The region is fast becoming an expansion hub as GCC investors are aggressively looking into investment opportunities from around the world.
To avoid the time, expense and cultural pitfalls of trying to go it alone, Solexel has chosen Dubai-based deal facilitation firm, naseba, to assist them in finding new investors.
Mark Kerstens, chief financial officer, Solexel, said: “Every investor that we met had a clear intention to invest, along with the availability of capital. The money that we have raised will be used to finance our expansion plans. We would like to thank naseba for introducing us to numerous Middle Eastern investors from their network who were looking for opportunities like ours.”
Fabien Faure, managing director of naseba, said: “Saudi investors have an appetite for investing in innovative companies that have the potential to disrupt their industries. Our clients from Solexel travelled 8,000 km to find their venture capital partner and they chose Riyadh Valley Company, as they can help them immensely with their expertise.
“They also clearly demonstrated their orientation to long-term success and sustainability. They were looking for an international investment opportunity within the alternative energy sector, and I believe these two parties are a perfect fit.”
