SolarWindow Technologies, Inc., developer of transparent liquid coatings that turn ordinary glass into electricity-generating windows, announced the appointment of Mr. Harmel S. Rayat, company founder and longtime majority stockholder, as Chairman of its Board of Directors. Mr. Rayat’s appointment follows a series of important SolarWindow announcements regarding the company’s push to commercial production.
Last week, SolarWindow announced a record-setting 34% power performance increase for its transparent electricity-generating glass. Just prior, a collaboration was announced with one of the world’s leading suppliers of organic photovoltaic materials, Taiwan-based Raynergy Tek, in pursuit of high-volume production and enhanced transparency of SolarWindow™ products for tall towers and skyscrapers.
SolarWindow also disclosed that it entered into a Process Integration and Production Agreement with suburban Los Angeles-based Triview Glass Industries, LLC. Initially working to establish manufacturing processes and a production line through this agreement, SolarWindow and Triview plan to fabricate specific SolarWindow™ electricity-generating glass products at commercial scale.
In his role as Chairman, Mr. Rayat will work with the Board to support SolarWindow President and CEO, Mr. John Conklin, and the management and product development teams. He will assist with the company’s customer outreach for eventual product roll-out, and introduce SolarWindow to his established network of developers and owners of commercial real estate, the early target market for the company’s electricity-generating windows.
Mr. Harmel Rayat is a well-established entrepreneur-investor, best known for his portfolio of Class-A commercial properties in the U.S. and Canada (www.taliajevan.com).
Mr. Rayat is the company’s majority stockholder, having invested over $11 million in recent years. He founded SolarWindow and conceived the idea of commercially applying invisible particles onto glass in order to create the world’s first transparent electricity-generating windows.
Starting with a personal investment of $20 million in 2006, Mr. Rayat has since built a commercial real estate portfolio valued at $185 million, using modest leverage. His portfolio has generated annualized return on equity of 42% per year for the 12 years ending December 31, 2017, compared to 11% for the Dow and 17% for NASDAQ.
Mr. Harmel S. Rayat has shared his investment strategies on how to generate above-average returns with relatively low-risk at numerous public appearances, speaking engagements, and in his self-published book “Winning with Commercial Real Estate.”
“Mr. Rayat has repeatedly provided SolarWindow with much-needed financial backing. His support is testament to his unwavering faith in our management team and all we are doing to bring his first-ever idea to commercial production,” stated Mr. John Conklin, President and CEO of SolarWindow Technologies, Inc.
“We’re excited to have Mr. Rayat join our Board as Chairman. He’s a highly respected and successful investor-entrepreneur, who has been with us from inception.”