Leading US funds invest in Thinfilm
Norwegian-based Thin Film Electronics ASA, a leader in the development and commercialisation of printed electronics and smart systems, has announced a private placement in the company, in which several US funds have subscribed for shares. The total investment sum ranges at USD 22M. Upon completion of the private placement, the investors will hold 6.1% of the shares of Thinfilm.
“The market response to our launch of the NFC OpenSense product has been exceptionally strong,” says Davor Sutija, CEO of Thinfilm. “This investment will allow the significant expansion of our printed logic production in order to meet expected demand for both NFC OpenSense and our EAS products, from current and prospective customers. It is an opportunity to significantly scale the company.”
Proceeds from the private placement will fund an expansion of Thinfilm’s PDPS (printed dopant polysilicon) manufacturing at its facility in San Jose, California. The expansion is slated to increase the facility’s capacity for the production of EAS and NFC OpenSense tags significantly.
Sutija continues: “Leading US investors are now significant shareholders in Thinfilm. This is a key milestone for the company. We believe growing the international investor base will benefit the business and our shareholders, as we scale to deliver our vision of the Internet of Everything.”