SunDensity Opens SunDensity Canada to Expand Its Global Solar Solutions
Acquisition of QD Solar Fuels Growth
ROCHESTER, N.Y., June 18, 2024 /PRNewswire/ -- SunDensity, Inc. announces the formation of its new, wholly-owned subsidiary, SunDensity Canada, with the acquisition of QD Solar, Inc., a solar materials company spun out of research from the University of Toronto and located in the MaRS Discovery District in Toronto, Canada. Both companies are graduates of Luminate NY, the world's largest accelerator for optics, photonics and imaging (OPI) tech companies. The asset acquisition agreement allows the organizations to explore a wider range of materials and processes for solar applications and promises to accelerate technology development. Terms of the private deal were not announced.
SunDensity develops Photonic Smart Coatings (PSC™) for utility, commercial and residential solar panels that improve solar power output and provide green energy solutions at a lower overall cost. QD Solar develops stable multilayered perovskite-based photovoltaic (PV) materials that convert sunlight into electrical energy. QD Solar's perovskites are an essential component of the roadmap to high efficiency modules.
QD Solar's "active approach" is achieved through the addition of a perovskite layer in tandem with a silicon PV cell. SunDensity's "passive approach" involves coatings that efficiently shift the energy of incident sunlight into a more usable range for solar panels to absorb. The technologies are complementary with the potential to achieve more than 40% module efficiency when combined.
"We are excited to formalize the acquisition of QD Solar to explore applications of its ground-breaking solar solutions," explains Henry Schek, SunDensity CEO. "This agreement is another step forward in our strategy to become a global leader in solar efficiency solutions."
As part of the agreement, three QD Solar principals will lead the SunDensity Canada team: Dan Shea as Chief Commercial Officer & General Manager, Sjoerd Hoogland as Chief Science Officer, and Dr. Armin Fischer as Chief Innovation Officer & Chief Chemist. Both Rochester and Toronto locations will remain functional. The two organizations will share resources, infrastructure and personnel while working on combined projects to bring new technology to market more quickly.
Dan Shea, QD Solar CEO said, "This partnership will enable both organizations to make disruptive and meaningful contributions to the global solar market. We intend to be an important contributor to lowering the cost of energy production and reducing the world's reliance on fossil fuel."
Dr. Sujatha Ramanujan, Managing Director of Luminate NY, added, "Seeing two of our graduates joining forces to push the boundaries of solar technology exemplifies the innovative spirit and leadership that Luminate aims to foster. We look forward to the significant advancements and industry impact that will emerge from this collaboration."
Temple Fennell, Managing Partner, Clean Energy Ventures and Chairman of the Board, SunDensity, continued, "We are excited to expand SunDensity's development of smart coatings with the integration of QD Solar's team and technology. The combined expertise will significantly enhance SunDensity's ability to achieve its mission of dramatically improving solar panel power output."