Tasnee Enters Strategic Investment Agreement with Dyesol
February 28 2013 - 3:08AM
Business Wire
Saudi Arabian industrial giant, The National Industrialization
Company of Saudi Arabia, better known as Tasnee, has invested AUD
$4 million in Australian clean energy company, Dyesol Limited (ASX:
DYE), by way of a 15 month redeemable loan note, convertible into
Dyesol shares at 16.6 cents per share, with a 0% coupon (as is
required by Saudi Arabian law).
During an initial 6 month exclusivity period, Tasnee and Dyesol
will discuss a number of partnership and investment possibilities,
focussing on R&D collaboration, large-scale production share,
potential demonstration projects in the Middle East and,
importantly, further investment up to a total of A$20 million.
Tasnee is a $5 billion diversified industrials company listed on
the Saudi Arabian Stock Exchange and the world's second largest
producer of titanium dioxide. It is strongly vertically integrated
and owns several titanium mines in Australia, principally through
its acquisition of Bemax Resources. Its subsidiary, Cristal has
been working with Dyesol UK since 2009 to develop nano-titania for
use in Dyesol’s major steel project with Tata Steel Europe in the
UK. Nano-titania is a semi-conductor and a key material in
manufacture of DSC photovoltaic solar cells.
Dyesol is a global leader in the field of Dye Solar Cell (DSC)
technology. DSC is a third generation photovoltaic technology often
referred to as “artificial photosynthesis” due to the way the thin
layers of key materials – including the semi-conductor titanium
dioxide layer – generate renewable energy from sunlight, shady
light, dappled light or even indoor lighting.
Under the Subscription Agreement, Tasnee will have the right to
invest up to a total of A$20 million in Dyesol during the
exclusivity period at 18 cents per share. To the extent that
investment is beyond 20% ownership in Dyesol and/or exceeds
capacity under ASX Listing Rule 7.1, the strategic investment will
require shareholder approval as required by the Corporations Act
and the ASX Listing Rules, respectively.
As promised to existing Dyesol shareholders at the 2012 AGM, the
Company will conduct a Share Purchase Plan (SPP) at 16.6 cents per
share to raise a further A$2 million to participate in investment
alongside Tasnee. In addition, Dyesol has investigated other
non-dilutionary funding options in recent months, including
Government clean energy funding programs, which will mean it is
confident of fulfilling all its funding obligations in major
projects during 2013 and beyond.
Dr. Talal Bin Ali Al-Shair, Cristal’s Chairman and CEO,
commented:
“We are so passionate about titanium – from mining to pigments
to specialty chemicals and beyond. Titanium is at the heart of all
we do, and this strategic investment in Dyesol marks our commitment
to pioneering innovation, constant product and process improvement,
and our leading role in contributing to creating a brighter and
cleaner world.”
Mr Richard Caldwell, Dyesol Executive Chairman welcomed the
investment by Tasnee:
“Tasnee has demonstrated great commitment to the successful
commercialisation of our Dye Solar Cell technology, both through
participation in long-term R&D programmes and now through its
expression of intent by investment in a convertible note. Tasnee
has a very strong balance sheet and interest to diversify its
activities into renewable energy. Dyesol looks forward to exploring
mutually beneficial opportunities.”
View press release and further details on Dyesol's website,
click here >>
About Tasnee
Tasnee (also known as The National Industrialization Company of
Saudi Arabia) is the second largest industrial company in Saudi
Arabia and the second largest producer of titanium dioxide in the
world. It was established in 1985 as Saudi Arabia’s first
joint-stock industrial company fully owned by the private sector.
Tasnee erects, manages, operates and owns petrochemical, chemical,
plastic, engineering and metal projects and provides industrial
services and markets its products through five major sectors. In
the chemicals sector, Tasnee operations include the subsidiary,
Cristal, also known as the National Titanium Dioxide Company.
www.tasnee.com
About Cristal
Cristal is the world's second-largest producer of titanium
dioxide and a leading producer of titanium chemicals. Cristal is
the world’s leading supplier of ultrafine titanium dioxide products
and titanium chemicals and is a fast-growing producer of mineral
sands and titanium metal powder. By increasing our global presence,
staying in the forefront of new titanium technologies, protecting
the environment, and giving back to the communities where we work,
Cristal strives to be a model corporate citizen and a name
synonymous with the benefits of titanium products.
www.cristal.com
About Dyesol Limited
Dyesol is a global supplier of Dye Solar Cell (DSC) materials,
technology and know-how. DSC is a photovoltaic technology enabling
metal, glass and polymeric based products in the building,
transport and electronics sectors to generate energy and improve
energy efficiency. Dyesol partners with leading multinational
companies who possess significant market share and established
routes-to-market. The company is listed on the Australian Stock
Exchange (DYE), the German Open Market (D5I.F), and is trading on
the OTCQX (DYSOY) through its depositary BNY Mellon.
www.dyesol.com
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