TubeSolar raises EUR 4.7m through capital increase

German photovoltaic (PV) thin-film tubes developer TubeSolar AG (ETR:9TS) has raised EUR 4.68 million (USD 4.8m) in a successfully completed capital hike, it announced on Wednesday.

The company has issued 900,000 new bearer shares at a placement price of EUR 5.20 apiece. In June, TubeSolar said it planned to issue up to 1.2 million new no-par value bearer shares.

After registration of the transaction in the commercial register of the company, its share capital will rise to EUR 12.9 million from EUR 12 million. TubeSolar said previously that it intends to use the proceeds from the capital hike to support its growth and for investments in the development of the highly-automated production of its PV modules.

Last month, the firm said it achieved an efficiency record of 14% on solar films in the industrially suitable "roll-to-roll" process as part of its perovskite research activities. It hopes to expand production in Augsburg to 250 MW annually in the next few years.

(EUR 1 = USD 1.023)

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