TVP Solar Closes CHF 6.6 Million in Extended Round B Financing & Appoints New Director

Marketwired

GENEVA, SWITZERLAND--(Marketwired - Aug 5, 2013) - TVP Solar SA, a game-changer in the solar thermal industry with its high-vacuum flat solar thermal panels, has completed a CHF 6.6 million equity injection as an extension to the Round B of financing (totaling CHF 12.6M) on the 26th of July, 2013.

"Most of the proceeds of this fundraising will be invested in TVP's first volume production plant. After proving the superior performance in-field of our panels across a wide range of heating, cooling and steam applications, this industrial step forward allows our products to hit an unrivalled price/watt ratio, and pushes solar thermal as a competitive energy alternative, independent from any subventions," declared Piero Abbate, CEO of TVP Solar.

"Our Reference Manufacturing Module will have a nominal capacity of 150.000 m2/year of panels and will produce 3 products lines: LT-, MT- and HT-Power, which address thermal applications up to 250°C. Manufacturing equipment suppliers have already been selected, and from June 2014 the production will ramp-up," declared Dr. Vittorio Palmieri, CTO of TVP Solar.

Three value-added investors joined in this Extended Round B closing from Brazil, Italy and Kuwait, reinforcing the global mission of TVP Solar and providing distribution channels in their respective regions.

During this Extended Round B the oil industry veteran Mr. Jorge Luiz Zelada was appointed to the TVP Solar Board of Directors with the mandate to advise on South American expansion and operations. "Air-conditioning, industrial process heat and enhanced oil recovery are key applications in Brazil, and all these can be effectively addressed by TVP's innovative products," stated Mr. Zelada. "At the same time, TVP challenges and complements traditional fossil fuels for high energy-demanding applications, reducing peak loads from the grid by providing energy at the end-user's location; this works both for urban and remote locations, to the benefit of industrial and commercial users, as well as utilities."

"Mr. Zelada is a great addition to our company," said Mr. Abbate, "his international network and proven experience with fast-growing business in the energy industry as well as coverage in key markets in the sun belt will strongly aid TVP's development now that we are beginning our volume industrial production."

About Mr. Jorge Luiz Zelada:

Mr. Zelada has served as Member of the Executive Board and Chief International Officer of Petróleo Brasileiro SA (NYSE: PBR) from March 2008 to July 2012, managing a USD$ 12 billion investment plan. Under his directorship, Petrobras extended its operations into 28 countries in all segments of the oil industry, from exploration to petrochemicals. He sat on the Board of 20 energy companies outside Brazil, part-owned by Petrobras. Mr. Zelada has spent his 32-year career within Petrobras, having several top-management assignments.

About TVP Solar:

TVP Solar SA is a Swiss company which designs, develops, manufactures and markets innovative high-vacuum flat solar thermal panels based on patented technology. TVP Solar is a game-changer in the solar thermal industry, effectively competing with electricity in the cooling and industrial process heat markets, while introducing new thermal energy-producing roofs for the residential market.

Contact:
Contact Information

Jonathan Koifman
+41 22 534 9087
Koifman@tvpsolar.com
www.tvpsolar.com
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