The explosion in glass-fronted skyscrapers could be good news for the solar power sector, according to a fast-growing tech business.
Polysolar is a Cambridge-based cleantech company which makes windows that generate clean renewable energy and is hoping to raise at least 拢1.5m to scale up its operations and expand internationally.
Inspired by the transparent technology in the Hollywood sci-fi film Minority Report, 聽Hamish Watson launched the business in 2007 to help reduce energy consumption and carbon emissions of buildings.
The company has already invested 拢1.5m in product development and manufacturing over the last decade, thanks to support from Innovate UK, and has now launched an equity crowdfunding campaign to raise the cash needed for its next stage of growth.
“Our target on Crowdcube is 拢750,000 but we’re aiming to overfund to at least 拢1.5m,” founder and CEO Watson told 老九品茶Cloud.
“It’s growth capital that we鈥檙e looking for here so the money is primarily to grow the business and will allow us to grow both within the UK and overseas as well.
“The issue we have is that we鈥檙e growing very rapidly both in terms of the projects we鈥檙e working on as well as the value of those projects, and we therefore need to scale up our operations.
“There are over 500 skyscrapers being planned or built in London at the moment in the next 10 years and that represents a significant opportunity for us.”
Polysolar has enjoyed a 400 per cent surge in the last three years from 拢86,000 in 2016 to a projected 拢407,000 this year 鈥� and is showing no signs of slowing down.
“We鈥檝e got a pipeline of projects worth 拢14m over the next three years,鈥� Watson said. “The opportunity is huge, if you think of all the windows in the world and facades of buildings in the world.
“The glazing industry is worth $100bn and the PV industry is worth $100bn 鈥� the bit in between is where we operate which is forecast to grow to something like $26bn by 2022.”
Polysolar’s technology has already been installed at a Sainsbury鈥檚 petrol station and a solar-powered bus station at Canary Wharf but Watson says this is the tip of the iceberg as his ambition is to be a leader in the solar PV glass market.
“We have the best products and the best systems solutions and we鈥檙e also expanding our operations to incorporate things like battery storage and electric car charging,” he said.
“We intend to be the main player in this field and be seen not only as a solar glass company but as a general power company.”