Establishes QB Energy to Own and Operate the Piceance Assets

Existing Quantum Portfolio Company KODA Resources to Own and Operate the Uinta Assets

HOUSTON, Aug. 19, 2024 (GLOBE NEWSWIRE) — Quantum Capital Group (“Quantum”) and Caerus Oil and Gas (“Caerus”) today announced the closing of a transaction under which Quantum, via two separate portfolio companies, has acquired Caerus’ oil and gas operations for approximately $1.8 billion, including the assumption of asset-backed securities and other liabilities. Caerus is owned by a private investor group including Oaktree Capital Management (“Oaktree”), The Anschutz Corporation, and Old Ironsides Energy (collectively, the “Caerus Investor Group”).

QB Energy is acquiring the producing upstream assets, gathering and compression midstream assets, approximately 600,000 acres, and all other assets owned by Caerus in the Piceance Basin (the “Piceance Assets”). QB Energy is a newly formed Quantum portfolio company established in partnership with Roger Biemans, a seasoned energy entrepreneur who has built and sold multiple portfolio companies with Quantum over the past 18 years. Mr. Biemans will serve as President and CEO of QB Energy. KODA Resources (“KODA”) is acquiring the producing upstream assets, gathering and compression midstream assets, approximately 160,000 acres, and all other assets owned by Caerus in the Uinta Basin (the “Uinta Assets”, and together with the Piceance Assets, the “Assets”). KODA is an existing Quantum portfolio company led by President and CEO Osman Apaydin and Executive Chairman Kurt Doerr.

“As an active private energy investor, we recognize the important role of expanding access to clean and reliable energy in key markets across the United States,” said Tom Field, Partner at Quantum. “This transaction represents a unique opportunity for Quantum to invest in substantial natural gas production alongside large, contiguous acreage positions containing sizable hydrocarbon resources with significant value creation potential. We believe that KODA and QB Energy are well positioned to steward the next phase of development and operation of the Assets to serve responsibly natural gas demand centers in the western U.S. while generating attractive returns for our investors.”

“Natural gas plays an increasingly important role in our energy grid, offering a rare combination of sustainability, reliability, and affordability that can allow us to meet rising power needs,” said Chuck Davidson, Partner at Quantum. “The Caerus assets provide access to some of the largest natural gas resources in the western markets, which have experienced repeated, localized energy shortages in recent years. Alongside our partners at KODA and QB Energy, we expect to continue optimizing these operations, driving significant value for our investors while helping bring reliable, affordable, low-carbon energy to more end users.”

Roger Biemans, CEO of QB Energy, stated: “The Piceance Assets represent the largest single asset base atop the second largest gas resource in the continental U.S. QB Energy is acquiring a shallow-decline production base with several decades of repeatable drilling inventory and intends to employ a number of Caerus’ existing capable workforce to ensure continuity in both the field and local communities.”

As a long-time investor and operator in Colorado’s energy sector, I am honored to have the opportunity to lead QB Energy as we launch this platform during a pivotal time for the U.S. energy economy,” continued Mr. Biemans. “These strategically located, world-class assets provide tremendous development potential in a natural gas market experiencing both significant demand growth and supply constraints. I look forward to working with the Quantum and Caerus teams to support a seamless transition and unlock new value for our customers, employees, partners, and Quantum’s investors.”

“KODA has spent years decoding subsurface intricacies of the Uinta gas window, and we believe we are uniquely qualified to assume operatorship and further develop this high-quality production base adjacent to our existing acreage,” said Osman Apaydin, CEO of KODA Resources. “This transaction ushers in the next chapter of the KODA/Quantum partnership, and we are thrilled to be joined by many members of the existing Caerus team.”

Dave Keyte, Founder and CEO of Caerus, added: “It has been an honor to lead this team and work with our investment partners for the past 15 years to establish Caerus as one of the country’s premier natural gas suppliers. Caerus was the first company to fully adopt sandless fracks in the basin. We used that technique in more than 500 wells across Colorado and Utah to significantly reduce truck and rail traffic and improve well results to reach record productivity levels in the basin. We also completed the largest water treatment facility in the western U.S in order to recycle 100% of our produced water for fracking purposes, greatly reducing the need for fresh water and further reducing truck traffic. I am proud to transition Caerus’ entire team and these assets to a new group of owners who I know bring the right development and management capabilities to responsibly maximize their output over the long term. We wish them well.”

“On behalf of the Caerus Investor Group, we are very pleased to complete the sale of Caerus to Quantum,” said Jordon Kruse, Co-Portfolio Manager of Oaktree’s Special Situations Strategy. “We want to thank Dave Keyte and his tremendous team for their tireless work and operational discipline in consolidating a world-class basin at deep value. We wish that entire team continued success as they work with QB Energy, KODA, and Quantum to build upon Caerus’ track record as a leading supplier of natural gas to the western U.S.”

Vinson & Elkins LLP provided legal advice to Quantum, QB Energy, and KODA. Caerus retained Jefferies and Evercore as financial advisors, Davis Graham & Stubbs and Latham & Watkins as legal counsel, and Bank of America as capital markets advisor.

About Quantum Capital Group
Founded in 1998, Quantum is a leading provider of private equity, credit, and venture capital to the global energy and energy transition industry, having managed together with its affiliates more than $27 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumcap.com.

Contacts

Quantum Capital Group
Kate Thompson / Erik Carlson / Madeline Jones
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

Cogentrix Platform Consists of 11 Natural Gas-Fired Power Plants, Comprising 5.3 Gigawatts of Efficient and Reliable Capacity Across Key U.S. Markets

HOUSTON – August 5, 2024 – Quantum Capital Group and its affiliates (“Quantum”) today announced that it has entered into an agreement to acquire Cogentrix Energy (“Cogentrix” or the “Company”), a premier U.S. independent power producer, from funds managed by Carlyle (NASDAQ: CG) for a total consideration of approximately $3 billion. The Cogentrix platform is comprised of 5.3 gigawatts of efficient and flexible natural gas-fired power plants, located throughout PJM, ERCOT, and ISO-NE, which support the reliability, resiliency, and affordability of the U.S. electricity market.

Headquartered in Charlotte, North Carolina, Cogentrix has a multi-decade track record of successfully acquiring, developing, constructing, operating, and optimizing conventional and renewable power generation assets throughout the U.S. Following transaction close, the Company will continue to be led by current CEO John Ragan and the existing Cogentrix management team.

“We are at a critical juncture in the evolution of the domestic power market. Electricity demand is rapidly increasing thanks to explosive growth in data centers and AI, the reshoring of manufacturing, and the electrification-of-everything,” said Wil VanLoh, Founder and CEO of Quantum. “This growth is occurring at the same time our grid is becoming more unstable with additions of intermittent renewable power and continued retirements of coal-fired generation. Now more than ever, we need reliable and efficient power infrastructure. This is what the Cogentrix assets provide.”

Michael MacDougall, Partner at Quantum, said: “We are thrilled to partner with the Cogentrix team. Having stewarded more than 18 gigawatts of assets over its 40+ year history, the Company is a proven leader in building, managing, and optimizing power generation assets of all technology types. We expect to meaningfully grow the Cogentrix platform, with a focus on gas-fired power generation, renewables, and battery storage. Our goal is to deliver clean, reliable, and affordable power to customers.”

Matt O’Connor, a Partner within Carlyle’s Global Infrastructure team, added: “This is a win-win transaction for everyone involved as Cogentrix begins its next chapter of growth with Quantum. We are proud of the significant transformation Cogentrix has achieved under our ownership. We wish John and his team continued success as they expand their platform and seize numerous opportunities in the rapidly evolving U.S. power sector.”

“We are pleased to have supported Cogentrix’s efforts to establish decarbonization objectives for its fleet of natural gas-fired power generation assets while continuing to support grid reliability, a critical balance required to effectuate the energy transition,” said Pooja Goyal, CIO of Global Infrastructure at Carlyle. “This successful transaction is a testament to the deep sector expertise of our energy and infrastructure platform at Carlyle. We look forward to continuing our investment activities in this rapidly growing area, including partnering with our management teams on growth opportunities and deploying capital in new investments.”

“We are grateful for Carlyle’s partnership, which has provided us with the tools and capabilities to capture a growing opportunity set within the U.S. power market,” said John Ragan, CEO of Cogentrix. “As we look to the future, we are confident Quantum’s deep knowledge of the energy markets, successful track record of business building, and risk management capabilities will drive significant long-term value for our customers, employees, investors, and other stakeholders.”

Guggenheim served as Quantum’s financial advisor while King & Spalding and Vinson & Elkins provided legal advice to Quantum. Lazard served as Carlyle’s financial advisor and Latham & Watkins as legal advisor.

The transaction is subject to customary regulatory approvals and is expected to close between the fourth quarter of 2024 and the first quarter of 2025.

About Quantum Capital Group

Founded in 1998, Quantum is a leading provider of private equity, credit, and venture capital to the global energy and energy transition industry, having managed together with its affiliates more than $27 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumcap.com.

About Cogentrix

Founded in 1983, Cogentrix is a leading independent power producer with a long track record of successfully acquiring, developing, constructing, operating and improving power generation assets across the United States. Further information is available at www.cogentrix.com.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Contacts

Quantum Capital Group

Kate Thompson / Erik Carlson / Madeline Jones

Joele Frank, Wilkinson Brimmer Katcher

212-355-4449

Carlyle

Brittany Berliner

(212) 813-4839

Brittany.Berliner@carlyle.com

InfraRed Capital Partners (“InfraRed”) is pleased to announce, on behalf of one of its Value-add strategies, an investment in Voltan Energy (“Voltan”), a decentralised energy company based in Finland. Voltan installs and operates ground-source heat pumps in multi-dwelling units and other large buildings, with a growing presence across Finland and ambitions for international expansion. InfraRed has acquired a majority position for an undisclosed amount, with a growth equity allocation of up to €75m being made available.

Founded in 2020, Voltan partners with local housing associations and developers to install their Heat-as-a-Service (“HaaS”) technology, using geothermal heat pumps to provide customers with reliable, clean and cost-effective heating and cooling throughout the year, without the upfront costs of installation.

There is a growing focus on decentralised heating and cooling systems, as part of global efforts to adopt new technologies to help meet net zero targets. In Finland, with its ambition to reach net zero by 2035, the government wants to shift heating and cooling systems towards the use of non-combustion technologies such as heat pumps. Ground-source heat pumps provide a sustainable, competitive alternative to other heating sources such as district heating, which typically rely on combustion technologies.

Voltan currently operates across 10 sites in Finland, with an additional 35 contracted, and with a significant identified pipeline. This market expansion reflects the growing demand for stable and competitive energy pricing and sustainable energy. Centred on domestic expansion initially, Voltan intends to scale operations internationally to address similar needs in other European countries.

In addition to its green credentials and high growth potential, Voltan’s business model exhibits the attractive infrastructure characteristics that InfraRed focuses on, such as long-term contracted revenues linked to inflation. This investment is firmly aligned to InfraRed’s Value-add approach to invest in early stage companies with long-term growth potential, supported by strong underlying fundamentals, and with high-quality management teams.

Stephane Kofman, Head of Value-Add Funds, InfraRed Capital Partners, commented:

“Voltan has successfully established a strong initial footprint and reached a critical step from which our growth capital and expertise can help accelerate its development and ambition. There is a clear need for Voltan’s compelling and differentiated business proposition in Finland and beyond, delivering sustainable heating and cooling to those living and working in urban environments. The management team is highly motivated, with deep expertise in the sector and a clear understanding of the market opportunity. As an active asset manager, we look forward to working closely with them to add value and deliver on Voltan’s potential.”

Miikka Lemmetty, Chief Executive Officer, Voltan Energy, said:

“We are delighted to partner with InfraRed to help us meet the strong demand for competitively priced, clean energy solutions. Their team has significant experience in growing companies, and we look forward to working closely with them on the next phase of our development.”

ENDS

About InfraRed Capital Partners

InfraRed Capital Partners is an international infrastructure asset manager, with more than 160 professionals operating worldwide from offices in London, Madrid, New York, Sydney and Seoul. Over the past 25 years, InfraRed has established itself as a highly successful developer and steward of infrastructure assets that play a vital role in supporting communities. InfraRed manages US$13bn+ of equity capital [1] for investors around the globe, in listed and private funds across both core and value-add strategies.

A long-term sustainability-led mindset is integral to how InfraRed operates as it aims to achieve lasting, positive impacts and deliver on its vision of Creating Better Futures. InfraRed has been a signatory of the Principles of Responsible Investment since 2011 and has achieved the highest possible PRI rating [2] for its infrastructure business for eight consecutive assessments, having secured a 5-star rating for the 2023 period [3]. It is also a member of the Net Zero Asset Manager’s Initiative and is a TCFD supporter.

InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. InfraRed represents the infrastructure equity arm of SLC Management, which also incorporates BGO, a global real estate investment management adviser, and Crescent Capital, a global alternative credit investment asset manager.

[1] $13bn+ equity under management (USD) – Uses 5-year average FX as at 31st December 2023 at GBP/USD of 1.2881, EUR/USD of 1.1226, EUM is USD 13.433m.

[2] Principles for Responsible Investment (“PRI”) ratings are based on following a set of Principles, including incorporating ESG issues into investment analysis, decision-making processes and ownership policies. More information is available at https://www.unpri.org/about-the-pri

[3] In the 2023 Principles for Responsible Investment (“PRI”) assessment, InfraRed achieved a 5 star rating for the Policy Governance and Strategy and Infrastructure and a 4 star rating for the newly created Confidence Building Measures. Please find InfraRed’s report available for download on our website here: https://www.ircp.com/sustainability/

LOS ANGELES (July 19, 2024) – Platinum Equity announced today that the sale of the Hunterstown power generation facility and related assets to LS Power has been completed.

Financial terms were not disclosed.

Located in Gettysburg, Pennsylvania, the Hunterstown facility is a combined-cycle gas turbine generating power plant that provides 810 MW to the PJM (Met-Ed) 500kV grid, with enough to supply more than 600,000 homes.

“Hunterstown is a good example of how Platinum can use its playbook to create value in different ways,” said Platinum Equity Co-President Louis Samson. “The Hunterstown facility is an outstanding asset, with high free cash flow and strong recurring revenue, acquired from a seller that needed a divestiture solution during a time of distress, so it checked a lot of the boxes we typically look for. Our experience with corporate carveouts and our willingness to be open minded put us in position to help.”

Platinum Equity acquired the facility in 2018 from GenOn, a unit of NRG Energy Inc. (NYSE: NRG), which had filed for bankruptcy protection in June 2017, and managed it as a standalone business in the firm’s portfolio.

“Hunterstown performed well and benefited from meaningful investment and operational oversite during our ownership,” said Platinum Equity Managing Director David Glatt. “We then found a new home for the facility with a buyer who is a natural fit for the long term. We are proud of the outcome and will continue seeking opportunities to put our M&A capabilities to work in creative ways.”

Evercore served as financial advisor to Platinum Equity on the sale of Hunterstown and Latham & Watkins LLP provided legal counsel to Platinum Equity.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.

Sydney, July 18, 2024 – Blackstone (NYSE:BX) announced today that funds managed by Blackstone Tactical Opportunities (“Blackstone”) have made a structured equity investment into Symphony Infrastructure Partners (“Symphony”), Australia’s leading energy transition infrastructure services platform.

Symphony was founded in 2022 by Steve Butler with a mission to accelerate Australia’s energy transition to renewables. The company develops, operates, and owns specialized services critical to Australia’s energy transition. Blackstone’s investment provides capital for Symphony to complete multiple pending acquisitions that will bring industry-leading capabilities into the platform and also involves a commitment of funding towards the future growth of the company.

Steve Butler, Chief Executive Officer, Symphony, said: “We are thrilled to partner with Blackstone, the world’s largest alternative asset manager, and join its global network of high-quality companies around the world. Blackstone brings incredible scale and access to capital, and we share the vision of growing the business and spearheading Australia’s energy transition.”

Michael Blickstead, Head of Australia & New Zealand Private Equity, Blackstone, said: “We are pleased to partner with the management team to take Symphony on its next chapter of growth and contribute to Australia’s energy transition. Our success in Australia and around the world has been based on two factors: partnering and having close alignment with visionary founders and building businesses through our scale and expertise. We bring this same commitment to Symphony, where we will provide our full breadth of resources and capabilities to support the company’s long-term success.”

Daniel Kearns, Managing Director in Blackstone Tactical Opportunities, said: “At Blackstone, the energy transition is a major investment theme both globally and in Australia, where we’ve made marquee investments in companies with innovative solutions that address the world’s transition into renewable energy. Australia is still in the early stages of its energy transition journey, and we couldn’t be more excited to partner with a market-leading platform in Symphony and provide the capital and resources to fuel its continued growth.”

Blackstone is a committed investor in Australia, bringing a track record of providing flexible partnership capital for founders, building businesses into market leaders, and delivering for stakeholders. It has made a number of investments in Australia-based companies supporting the energy transition including Xpansiv, a premier infrastructure platform for global carbon and environmental commodities, and Energy Exemplar, a leading global provider of energy market simulation software.

About Blackstone 
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram

Media Contact
Ellen Bogard
Ellen.Bogard@blackstone.com
+852 3651 7737

Quatt Secures 25 Million Euros in Growth Funding

Funding will be for new products and international expansion

Amsterdam, July 17, 2024 – Quatt, an Amsterdam-based scale-up specializing in smart heat pumps, today announces €25 million in a growth equity funding round led by Blue Earth Capital, with participation from Seaya Andromeda and existing investor Impact Equity Fund.

Quatt has experienced rapid growth over the past two years, installing over 7,500 smart heat pumps throughout the Netherlands, and the organization has seen significant expansion. “Due to its quick payback period, more and more Dutch people are opting for our heat pump,” says Marijn Flipse, CEO and co-founder of Quatt. “In the three years since our inception, we have secured a leading position in the heat pump market thanks to our consumer-centric approach, smart software and attractive design. By focusing on product development, sales, and installation all in-house, we deliver an excellent customer experience at a very competitive price. This is now recognized by international investors as well.”

New Products and Crossing Borders
Quatt’s flagship product is the “Hybrid”, an ingenious intermediate solution towards fully decarbonizing residential heating by connecting a Quatt-designed hybrid heat pump to customers’ existing boilers, therefore reducing their gas consumption by up to 80% while keeping the boilers for back-up heating needs.  Quatt recently introduced two add-ons to Hybrid – the “All-Electric” heat pump and its patented cooling system “Chill.” This financing will enable Quatt to accelerate the development of these and other new products

Flipse adds, “Over the next 5-10 years, Europe will need to take significant steps in transitioning the built environment to sustainable energy. We aim to make sustainable homes accessible to everyone while reducing energy costs. We look beyond just the heat pump and Dutch borders.” As part of its expansion strategy, Quatt is complementing its market-leading online lead generation with collaborations with installation partners, energy companies, and other market players.

Energy transition
“Heat pumps are an important part of the energy transition for Europe, where nearly 80% of final energy consumption in the residential sector is used for space and water heating[1], with a high dependence on natural gas,” says Kayode Akinola, Head of Private Equity at Blue Earth Capital. “Quatt’s differentiated approach and product suite address common barriers to heat pump adoption by building consumer confidence. This enables real energy and cost savings whilst starting the transition to electrification of an important part of the household and working to decarbonize residential properties. This approach aligns with BlueEarth’s aim to support the energy transition by providing growth equity and support to companies offering products and services that contribute towards decarbonization.”

Carlos Fisch, partner and co-Head at Seaya Andromeda says “Quatt’s modular system will play an important role in the energy transition. Consumers can gradually switch to sustainable energy. From this winter, Quatt’s hybrid heat pump can be upgraded to a fully electric pump, and in the spring of 2025, they will launch Chill, a unique air conditioning system that cools using the existing heat pump. With this product roadmap, we believe Quatt can become a category leader. We are looking forward to supporting the team with their efforts to expand in Europe.”

The Dutch Impact Equity Fund is also participating in this funding round. Randolf Nijsse, founder of Impact Equity Fund, is particularly impressed by the focus on the customer journey of the Dutch smart heat pump company. “The ease of purchase is crucial for success and impact on the energy transition. Quatt’s products are low-threshold, making them distinctive in this market.”

About Quatt
Quatt is an Amsterdam-based scale-up specializing in smart heat pumps. The company develops, produces, and installs Quatt Hybrid, a hybrid heat pump powered by smart software. Quatt is a market leader in the Netherlands and distinguishes itself by making heat pumps accessible, offering the best payback time, and using smart software. The rapidly growing company has about 160 employees and was founded in 2021 by brothers Marijn and Bas Flipse. They aim to help 3 million households transition to sustainable energy by 2030.

About Blue Earth Capital
Blue Earth Capital is a global, independent, specialist impact investor, headquartered in Switzerland, with operations in New York, London, and Konstanz. Blue Earth Capital seeks to address the world’s most pressing social and environmental challenges by delivering measurable impact alongside aiming for attractive and market-rate financial returns. The company operates dedicated private equity, private credit, and fund solutions. Blue Earth Capital is owned by the Blue Earth Foundation, a Stiftung (charity/trust) registered in Switzerland that focuses on deep impact to support initiatives and business ventures to help deliver a more equitable and sustainable future.

About Seaya Andromeda
Seaya Andromeda is a Pan-European Climate Tech Venture capital focused on growth. With €300M assets under management, Andromeda is an SFDR Article 9 fund on a mission to address global sustainability challenges and deliver profits with purpose through investments in technology-driven companies focusing on Energy, Decarbonization, the Circular Economy, and the Sustainable Food Value Chain. Seaya Andromeda is part of Seaya, the leading European Venture Capital platform, with offices in Madrid, Barcelona, and Mexico City. Seaya raised its first fund in 2013 and currently manages over €650 million across five early-stage venture funds. Seaya accelerates the growth of startups by leveraging the founder’s strategic vision, providing them with Seaya’s global platform, its extensive network of founders, investors, and multinational corporations, as well as all its experience in the worldwide expansion of companies such as Glovo, Cabify, Wallbox (NYSE:WBX), Clarity AI, Clicars, Alma and RatedPower.

About Impact Equity
Impact Equity Fund, based in the Netherlands, is committed to generating sustainable financial returns while driving measurable social and environmental impact. The firm invests in innovative enterprises that align with its core values of sustainability, equity, and transformative growth, leveraging its expertise and network to support ventures that contribute to a better society and environment.

Press contact

blueearthcapital@kekstcnc.com

HONG KONG, July 15, 2024 – (ACN Newswire) – Legend Capital’s portfolio company, Singfilm Solar, a leading innovator in the research and manufacturing of high-efficiency perovskite solar cells, has announced that its self-developed perovskite solar module has achieved a steady-state conversion efficiency of 22.6%, certified by authoritative institutions. This breakthrough has earned a place in the esteemed Martin Green Efficiency Table (Version 64), marking the third time Singfilm Solar’s innovations have been recognized by this authority. This achievement underscores Singfilm Solar’s pioneering status in the global perovskite field and highlights the potential for transitioning from laboratory research to commercial production.

Founded in July 2023 in Singapore, Singfilm Solar’s team brings over a decade of experience in perovskite materials, processes, and equipment. The company is focused on developing and producing highly efficient and stable perovskite cells.

The improvement of photovoltaic conversion efficiency is crucial, as each 1% increase can result in a 4% rise in power generation and revenue. Perovskite cells, with their ideal band gap width, offer theoretical efficiencies of over 33% for single-junction and 43% for tandem cells, far exceeding traditional crystalline silicon cells. This positions perovskite as the next-generation photovoltaic material.

Despite its potential, the widespread adoption of perovskite in the photovoltaic industry has been hindered by stability challenges. Achieving a balance between power conversion efficiency and operational stability under complex conditions, while also ensuring manufacturing scalability, remains a critical hurdle. Moreover, exploiting the unique properties of perovskite, such as adjustable band gap, lightweight, high efficiency, and simple raw materials, to develop various photovoltaic products for different applications is a significant challenge in its commercialization.

Singfilm Solar’s proprietary Quasi-Mono high-quality perovskite industrial preparation technology supports high-throughput continuous production on large rigid and flexible substrates. Accelerated aging tests have validated the commercial product’s lifespan, making Singfilm’s commercial-sized perovskite modules the first to combine high efficiency, stability, and manufacturability. The company holds several core technologies in perovskite materials, preparation methods, and cell and module structures.

The founder of Singfilm Solar, Professor Yi Hou, is a Presidential Young Professor at the National University of Singapore (NUS) and leads the Perovskite and Tandem Solar Cells group at the Solar Energy Research Institute of Singapore (SERIS). A pioneer in perovskite research, Professor Hou’s work has been published in top academic journals such as Science and Nature （https://blog.nus.edu.sg/yihoulab/). The establishment of Singfilm Solar has received substantial support from NUS, providing a strong scientific foundation for the company’s rapid development.

In early 2024, Legend Capital led a round of angel funding for Singfilm Solar. This financing aims to expand Singfilm’s pilot line in Singapore, enhance the R&D team, and develop a global client base.

Professor Yi Hou, founder of Singfilm Solar, stated:

We are standing at the pinnacle of a perovskite technology revolution, committed to transforming laboratory innovations into real-world applications. Singfilm has not only repeatedly broken the records of the power conversion efficiency of perovskite solar cells but has also continuously made significant progress in device stability and scalable manufacturability.

I am filled with anticipation and excitement for Singfilm’s first commercial project in Europe. This is not only a recognition of our team’s technological maturity but also an important step in showcasing innovative clean energy solutions to the world.

I would like to thank Legend Capital and all the partners who support Singfilm. It is your trust that allows us to keep moving forward. We look forward to welcoming a brighter future for perovskite technology together with you all.

Managing Director of Legend Capital, Wenlong Wang, commented:

Singfilm is dedicated to creating the next generation of mainstream photovoltaic products, attracting top experts in perovskite research and thin-film industrialization from around the world. The team possesses comprehensive and solid technical expertise, and what is even more commendable is their focus on addressing the challenges of mass production implementation from day one.

Legend Capital is fortunate to be part of this exciting entrepreneurial journey, actively providing support in equipment, materials, scenarios, and channels by leveraging its accumulated resources in the new energy industry. Congratulations to the company for breaking the world record in its debut, and I look forward to this young and high-potential team continuing to make breakthroughs and successfully achieving subsequent milestones.

About Legend Capital

Founded in 2001, Legend Capital is a leading VC&PE investor focusing on the early-stage and growth-stage opportunities in China, with offices across Beijing, Shanghai, Shenzhen, Hong Kong, Seoul and Singapore.

It currently manages USD and RMB funds of over US$10 billion in commitments, and has invested in around 600 companies, covering technology, healthcare, consumer, enterprise service and intelligent manufacturing sectors. Rooted in China, Legend Capital participated in the rise of many world-leading companies by solid investment coverage and systematic post-investment value-add. Over the years, Legend Capital has also become a widely recognized name in bridging key resources in China and overseas through cross-border activities, and a valuable partner to Chinese and overseas investors.

Legend Capital values long-term sustainable investment and incorporates ESG into its long-term development strategy. As a UNPRI signatory since November 2019, Legend Capital is among the first group of top VC/PE firms in China to join the initiative.

For more information, please visit www.legendcapital.com.cn/index_en.aspx and follow us on LinkedIn @Legend Capital.

The article is distributed by Ever Bloom (HK) Communications Consultants Group Limited on behalf of Legend Capital.

For further information, please contact:
Ms. Orianna Ou / Ms. Arina He
Tel: +852 3468 8171
Email: legendcapital.list@everbloom.com.cn

News URL: https://www.acnnewswire.com/press-release/english/91775/