Todays post from Greenbang’s special report on UK Clean Tech Start-up businesses is on G24 Innovations Ltd.
Founder/Chief Executive:Robert M.Hertzberg, Co-founder and Chairman;Edward J. Stevenson, Co-founder andCEO
- Founding date: September 2006
- Number of employees: 60
- Turnover: pre-revenue
- Website: www.g24i.com (see also
- Investment: $20m Morgan Stanley;$30m from the 4RAE fund; $60m fromFounders
G24 Innovations (G24i) makes next-generation dye-sensitized thin-film solar cells as an alternative to traditional, and costly, silicon solar cells. G24i’s solar cells try to mimic the process of photosynthesis. The cells are lightweight, durable and able to convert light into electricity even in dim indoor conditions, which makes them ideal for powering mobile electronic devices.
The Greenbang Barometer
We’ve heard a lot from G24i this year. The company is preparing a range of solar cell products for the market, from mobile phone chargers capable of generating 20 minutes of charge for every hour of sun – handy for countries where a lot of users are off the grid but not short on sunlight – to business-grade pay-as-you-charge kiosks.
Renewable energy is already proving popular with telecoms companies (for their carrier equipment) and a lot of work is going into renewable energy for the devices themselves – G24i has rather cleverly gone after both ends of the market.
The founders have risked $60 million of their own capital to back the project – always a good sign, and they’re also of the view that subsidized businesses are not sustainable. G24i’s key objective is to produce low cost, easy to use products that compete with pricey battery power rather than the electrical grid. Developing countries, where electricity may not be guaranteed, is a clear market opportunity.
Focusing on the business fundamentals doesn’t mean they have forgotten their values. G24i is committed to being a truly green company – earlier this year they were granted planning permission for a 2.5MW wind turbine, which will be installed in their car park. Combined with their onsite vegetable garden which supplies food to their free canteen for employees – they really are committed to “doing well by doing good.”