The round was led by Southern Cross Venture Partners (SXVP) and included New Venture Partners LLC (NVP) as co-investor.
The investment in Brisbane Materials is the first investment of the Southern Cross Renewable Energy Fund. The Southern Cross Renewable Energy Fund, managed by SXVP, is a $200M fund comprising a partnership between the Australian Government’s Australian Renewable Energy Agency, through its Renewable Energy Venture Capital Fund (REVCF) program, and Softbank China Venture Capital (SBCVC). The REVCF was set up specifically to assist early stage Australian companies in the renewable energy sector.
Brisbane Materials patented materials and processes were invented and developed by Dr. Michael Harvey and Prof. Paul Meredith at The University of Queensland. Their breakthrough technology enables the creation of a nano-porous silicon dioxide (SiO2) film from a liquid precursor at room temperature and atmospheric pressure. When applied to solar photovoltaic panels, these films form an anti-reflective coating which provides a significant efficiency improvement, improving the cost effectiveness of solar panels of all types.
The company was formed in March 2011 with seed funding from UniQuest, one of Australia’s leading research commercialisation companies, and angel investors in Silicon Valley. Additional seed funding came from a “What’s your Big Idea Queensland” grant the company won in 2011. In July 2012, Brisbane Materials announced that it had formed a strategic partnership with EV Group (EVG), a leading supplier of turnkey manufacturing systems for the solar, display, electronics, and other markets. Under a comprehensive cooperation agreement, EVG has optimized its large-area coating systems for the company’s unique materials and processes, enabling the two companies to provide to customers a turnkey solution for high-yield fabrication of anti-reflective coatings with industry-leading performance and cost. Brisbane Materials plans to use the Series A funding to scale up R&D and manufacturing operations at its headquarters in Brisbane, Queensland, while expanding sales and marketing efforts around the world.
“SXVP is pleased to make the first investment from the new Southern Cross Renewable Energy Fund into an exciting Brisbane QLD based materials company, commercializing revolutionary technology developed at the University of Queensland,” said Dr. Larry Marshall, Managing Director. “We are proud to help launch an Australian innovation, and to attract a domain expert US co-investor NVP. Working together, we’re able to leverage Australian Government money with significant private capital in order to bring this technology to the global solar market.”
“NVP is also pleased to participate in the funding of this Australian company,” said Andrew Garman, managing partner of NVP. “We look for great ideas all around the world, and are excited to help this company commercialize its important new technology.”
“Brisbane Materials is excited to have attracted world class funding partners SXVP, SBCVC and NVP, and to have the strong support of the Australian Government,” said Dr. Gary H. Wiseman, co-founder and CEO. “With this funding, and our partnership with EVG, we’ll be able to bring this innovative Australian technology to a global customer base.
Media enquiries: Matthew Stotts, Tenor for Brisbane Materials; +1-650-200-8233, email@example.com
Product enquiries: Dr. Gary H. Wiseman, CEO, Brisbane Materials; firstname.lastname@example.org
ABOUT BRISBANE MATERIALS
Brisbane Materials is a specialty materials company focusing on creating innovative materials solutions for solar and other applications. Based in Brisbane, QLD Australia and Silicon Valley, the company has patented technology for creating high performance, low-cost wide-area coatings of porous silica and other materials, made at room temperature and atmospheric pressure. For solar applications, the company’s anti-reflective coatings provide a cost-effective power increase when applied to glass, plastic and other substrates. For more information, see www.brismat.com.
Brisbane Materials and EVG will be jointly exhibiting at the 27th European Photovoltaic Solar Energy Conference and Exhibition (EU PVSEC), 24-28 September in Frankfurt Germany. Please come visit us at booth 3.0/B26a.
ABOUT THE SOUTHERN CROSS RENEWABLE ENERGY FUND
The Southern Cross Renewable Energy Fund is a $200 million, 13-year co-investment arrangement by the Australian Government, Southern Cross Venture Partners (SXVP) and Softbank China Venture Capital (SBCVC). The Australian Government’s commitment of $100 million has been matched equally with private sector investment from SBCVC, a leading venture capital firm in Asia. The Fund makes selected investments in Australian renewable energy companies, providing capital and assisting with the management skills they need to commercialise their technologies and succeed in domestic and overseas markets. Further details can be found on the Southern Cross Renewable Energy Fund section of the website.
ABOUT NEW VENTURE PARTNERS LLC
Formed in December 2001, New Venture Partners is a pioneering venture capital investment firm focused on corporate technology spin-outs. Unlike traditional venture capital firms, New Venture Partners bridges the divide between technology corporations and traditional venture capital to commercialize innovations systematically and provide companies with an alternative path to market. Through its unique hands-on approach, working with its established network of exclusive partners and world-class R&D labs, New Venture Partners has developed an impeccable track-record of successful exit valuations of venture-backed companies. New Venture Partners now has over $650 million under management. See www.nvpllc.com for more information.