Saudi industrial boosts Dyesol stake to 33.5%

Published by

Saudi Arabian industrial giant, Tasnee, has boosted its shareholding in Australian third generation PV tech company, Dyseol, to 33.5 per cent, after exercising a $6 million investment option on Monday.

The two companies said the transaction had the prior approval of shareholders, and would be accompanied by the nomination of Dr Rob McIntyre to the Dyesol board.

Dyesol’s solid state dye solar cell (ssDSC) technology works by applying low cost materials to a surface, such as glass or plastic, in a series of ultrathin layers that are protected by sealants.

This means it can be directly applied to the facade of a structure to achieve highly competitive building integrated photovoltaics.

The technology also has lower embodied energy in manufacture than tradition PV, produces stable electrical current, and has strong competitive advantage in low light conditions.

In a statement accompanying the announcement of Tasnee’s increased investment, Dyseol managing director Richard Caldwell said the company was “very pleased” with the outcome.

“We are very excited by our current prospects with many long-term plans and actions beginning to take effect,” Caldwell said.

“There is a close bond of co-operation and understanding between Dyesol and Tasnee… Together, we share the ambition with all of our shareholders to make this company a truly global success.”

The move by the Saudi company follows last month’s signal from the OPEC nation suggesting that the end of the oil age was in sight.

As Energy Post’s Elias Hinckley wrote here, “Saudi Arabia’s decision not to cut oil production, despite crashing prices, marked the beginning of an incredibly important change.”

Most importantly, he added, it signalled “the acknowledgement, demonstrated by the action of world’s most important oil producer, of the beginning of the end of the most prosperous period in human history – the age of oil.”

Sophie Vorrath

Sophie is editor of One Step Off The Grid and deputy editor of its sister site, Renew Economy. She is the co-host of the Solar Insiders Podcast. Sophie has been writing about clean energy for more than a decade.

Share
Published by

Recent Posts

Could $1 billion actually bring solar manufacturing back to Australia? It’s worth a shot

By 2050, solar should provide most of our electricity – but only if we have enough…

28 March 2024

Hydro Tasmania on the hunt for a new CEO amid political and renewable turmoil

Tasmanian utility begins hunt for new CEO, following the news that current chief will step…

28 March 2024

Capacity Investment Scheme needs to set high bar for communities hosting renewables

Without exception, the CIS should encourage projects that do good community engagement, with good environmental…

28 March 2024

Australia’s biggest coal generator teams up with SunDrive to make solar at Liddell

AGL signs MoU with Cannon-Brookes backed PV innovator SunDrive to explore "first of its kind"…

28 March 2024

Solar ducks and big batteries: How Alice Springs grid could run five hours a day with no fossil fuels

Alice Springs may be able to run on 100 pct renewables for an average five…

28 March 2024

“Unconscionable:” Eraring delay could cost $150m a year, adding to massive Origin windfall, report says

New analysis says the potential taxpayer cost of keeping Eraring open for another few years…

28 March 2024