RavenBrick Secures Funding to Open Factory
Denver-based RavenBrick has secured $5 million in equity funding which will enable it to build its automated production line and begin large-scale fabrication of its RavenWindow dynamic glazing product, officials state. The company plans to open a 40,000-square-foot plant and hire 80 new employees in early 2013.
“In any structure, windows are the weakest link and the largest consumer of energy,” says RavenBrick CEO Alex Burney. “Commercial and residential demand for the next generation of energy-efficient window technology is expected to be $1.7 billion by 2017, and RavenBrick’s new Denver production facility will be ready to meet that demand.”
The company's RavenWindow product is a thermochromic glazing that reflects the sun's heat outside when it's hot, and lets the sun shine in when it's cool. Officials say it can save up to 30 percent on heating and cooling year round, without requiring any electricity or hard-wired control systems. RavenBrick’s automated facility will give the company the capacity to produce 1 million square feet per year of dynamic energy-efficient RavenWindow technology for use in commercial and residential windows.
“Unlocking the potential of building energy efficiency is one of our top initiatives,” says Paul Scharfenberger, finance manager of the Colorado Energy Office. “We selected RavenBrick to receive a loan from our Revolving Loan Fund because its technology is driving significant advancements in the next generation of efficient building products and the company is poised to create a significant number of jobs in Colorado.”
“Denver has more than 300 days of sunshine each year, making it a perfect home and testing ground for RavenBrick’s smart solutions,” adds Michael B. Hancock, Denver's mayor, whose Office of Economic Development provided early financial support to RavenBrick. “Innovative companies like RavenBrick that start in Denver and stay in Denver demonstrate our national reputation as a pro-small business, high-tech hub.”