GreatCell Solar fails to fund its prototype facility, calls in the administrators
Scientists make poor administrators ... Gene Wilder in Young Frankenstein (1974)
GreatCell Solar has failed to recapitalise and has been forced to appoint administrators.
“The decision follows a series of unfortunate and unwelcome developments in recent weeks, including the untimely death of chief scientist Dr Hans Desilvestro in a mountaineering accident on 10 November,” Greatcell (ASX:GSL) told investors on Tuesday.
GreatCell has developed a third generation photovoltaic (PV) technology called Dye Solar Cells (DSC). DSCs are based on dye-sensitised films and have the ability to convert any visible light – notably indoor low light – into electrical energy.
DSC photovoltaic tech is also cheaper and more versatile than first and second generation PV technology, GreatCell says.
GreatCell had been suspended since the end of February while it tried to raise funding for a $25m prototype facility located at the CSIRO in Clayton, Victoria.
It was expecting funding negotiations to be finalised and a deal secured within four weeks of its initial suspension.
GreatCell was able to secure just over $1m in short-term funding, but could not reach a deal for “sufficient long-term equity investment”.
The company laid some blame on the controversial changes to the federal government’s research and development rebate and energy policy settings that are “unsupportive of renewable energy investment”.
GreatCell has now appointed BRI Ferrier as administrators.
The company said it does not believe the operations of its 50 per cent-owned subsidiary, GreatCell Solar Materials, will be affected.