ChromoGenics Sweden AB, a 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 - recently announced that it has received additional funding of US$2.3 million from BankInvest Group, a leading investor in cleantech companies, which will be added to the existing shareholders’ US$6 million and Industrifonden’s US$3 million.

Applications for ChromoGenics electrochromic technology include sectors such as construction, property and transportation and it provides these sectors with a highly cost effective solution to the growing requirements for energy consumption reduction and the need for greener and more energy efficient buildings and vehicles. For example, the electrochromic technology developed by ChromoGenics creates new ways of using windows in buildings and can help reduce energy consumption in buildings by up to 50%. ChromoGenics ultra-thin electrochromic plastic foils, which can be applied to glass (including retrofitting to existing installations) or used as laminates between layers of glass, can vary their degree of darkness, thereby automatically regulating the amount of light and heat radiation that passes through them, reveals the company’s press release.

Poul Erik Schou-Pedersen, Managing Partner of BankInvest New Energy Solutions said: “Reducing energy consumption is a worldwide challenge and the adoption of ChromoGenics’ technology can play a significant part, across many industries, in meeting it. Its leading position in developing such environmentally friendly technology provided us with a compelling reason to invest in the company”. Bengt Åkerström, Chief Executive of ChromoGenics, added: “We are delighted to have BankInvest on board as an investor. Its successful track record of identifying and investing in cleantech companies significantly underscores our credentials. BankInvest will also bring to the board valuable competence and experience in establishment of process based high-tech industries.”