Rhodia invests in solar start-up to develop photovoltaic technology

14 September 2010 12:23  [Source: ICIS news]

Rhodia plans to develop photovoltaics technologyLONDON (ICIS)--Rhodia and Carbon Trust, a private company set up by the UK government to accelerate the move to a low-carbon economy, will together invest £4.5m (€5.4m, $6.9m) in solar energy start-up group Eight19 to develop organic photovoltaic technology, the French specialty chemicals maker said on Tuesday.

Rhodia in return would receive a 30% stake in Eight19's capital, it added. The exact figure Rhodia invested was not disclosed.

The investment would allow Rhodia to be actively involved in the development of organic photovoltaic technology, which would provide solar power at a price substantially lower than that offered by first- and second-generation technologies and would enable the deployment of low-carbon electricity on a very large scale, the company said.

“This investment is perfectly in line with our strategy to explore new promising market segments fitting with our sustainable development commitment," said Pascal Juery, group executive vice-president of Rhodia. "Furthermore, we are convinced that open innovation is key to leverage our research and development capability.”

Rhodia also said it expected the photovoltaic market to grow by 20% to 30% per year.

($1 = €0.78, €1 = £0.83)

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By: Franco Capaldo
+44 (0)20 8652 3214

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