Dyesol rallies on deal with FTSE100 company

AUSTRALIAN company Dyesol said yesterday it had entered into an agreement with an unidentified FTSE100-listed industrial company to further the development of its "artificial photosynthesis" solar energy technology.
Dyesol rallies on deal with FTSE100 company Dyesol rallies on deal with FTSE100 company Dyesol rallies on deal with FTSE100 company Dyesol rallies on deal with FTSE100 company Dyesol rallies on deal with FTSE100 company

The agreement has been negotiated by Dyesol's Dr Gavin Tulloch, who said the terms of the agreement did not permit Dyesol to name the partner.

"Dyesol is being funded to carry out a scoping study with our partner to evaluate design concepts and processes to integrate Dyesol Dye Solar Cell technology in our partner's products," he said.

"The scope of this collaboration is international and it has the potential to have fundamental effects on how energy is generated in the built environment."

Investors were quick to respond to the announcement, with shares spiking upwards by 46.62% by the close of trading.

More than 1.4 million shares were traded throughout the day, driving the share value up 34.5c to $1.085 after nominal activity in recent weeks.

Dyesol securities had enjoyed a massive 500% increase earlier in February, when the company announced that Professor Michael Graetzel – inventor of the solar dye cell technology the company is developing – had joined the company as chief technical officer.

The Dyesol technology uses an electrolyte and a solar sensitive dye (ruthenium) that can be incorporated into glass, capable of generating electricity even in low-light conditions.

The technology is thought to be able to replace glass in the built environment, such as windows or skylights, generating solar electricity without the need for photovoltaic installations on the roof or nearby land.

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