GlasSkin and the funding
PHYSEE, the Delft based tech company developing energy and data-generating windows, raised a EUR 2M subsidy from the European Innovation Council in its phase II SME Instrument. The subsidy was rewarded to 65 SME’s with an innovation project demonstrating promising potential and who position their intentions on strengthening innovation capacity as well as increasing value within their market and into society. GlasSkin, PHYSEE’s project that gained recognition from the commission panel in Brussels for its sustainable and innovative perspective, aims to increase the productivity and energy savings of their Power- and SmartWindows. The proposal underpins the European 2020 strategy for smart, inclusive and sustainable growth. Thus, reaching a new benchmark for the real estate industry.
How the subsidy will be used
The subsidy comes at a crucial moment in the company’s roadmap, currently shifting its dynamics from a research-based start-up, to a more established SME preparing for scale up. Together with an earlier finance round the subsidy will be used to further develop business functions, to grow towards operational excellence and to enable sufficient resources for the desired employee head count that is needed for execution of the growth plan. The two main focus points of the grant will go towards investing in R&D and scaling up the business for international expansion.
“This subsidy will enable the R&D team to further develop different technologies, concentrating on the optimization of its coating, which re-emits solar light into electricity through solar cells, to improve efficiency of both PowerWindows and SmartWindows. The financing will allow for additional resources to be made available, making the process of elevated output levels quicker and more efficient.” Willem Kesteloo, CFO and co-founder of PHYSEE Group B.V.
Another Commission-focused intent of this funding is on supporting internationalization and improving access of markets, falling closely in line with PHYSEE’s initiating efforts of international expansion. The timing of focus on European expansion is to encourage global standards of energy-efficient and smart building facades.
Read more about the SME instrument here.