Glass to Power approves the financial statement for 2018 and signs two important MOUs in the Arab Emirates and Brazil

Milan, April, 12th 2019 – Glass to Power approves the financial statement for 2018 and signs two important MOUs in the Arab Emirates and Brazil.

The ordinary shareholders’ meeting of Glass to Power SpA was held yesterday in order to approve the 2018 financial statements at the Department of Materials Science of the University of Milan Bicocca.

The company is making major investments in the transparent photovoltaic windows technology and it has not started the production activity yet. Therefore, the balance sheet shows a loss of €169,835. The finanacial statement was unanimously approved by the shareholders who took part either directly or through audio-conference or by proxy.

The intense ongoing research and development activity was illustrated by the CEO Emilio Sassone Corsi: the ambitious NanoFarm project was completed, with the inauguration of the new headquarters and the very modern laboratories at the Mechatronics Hub in Rovereto which took place last January; the beginning of the construction of the PlexiFarm, where PMMA sheets containing the nanoparticles produced at the NanoFarm site will be developed industrially and the ongoing activities for the energy certification of the first transparent photovoltaic window prototype.

On the marketing front, the signing of two important Memorandum of Understanding was announced: the first with the financial company BIG Investment of Dubai, which provides for the study of the market and the establishment of a mixed company that will manage the Gulf area by the end of the year; the second with an important Brazilian company that manufactures double-glazing units for all South America, which is interested in acquiring the patents and know-how to produce transparent photovoltaic windows.

Other agreements and Joint Development Agreements are being negotiated with other countries and with Italian companies interested in testing the product.

The draft of a Vendor Due Diligence document was announced, which will be carried out through the contribution of important partners, including Unicredit, Orrick Legal Partners, Fraunhofer Institute and the Consulting Division of Philips. The evaluation of the company was entrusted to Giuseppe Sancetta, Full Professor of Economics and Business Management at the University of Rome “La Sapienza”. This document, which is expected to be completed by next June, is aimed at proposing a major capital increase planned for next autumn.

2019 will therefore be a crucial year for the development of Glass to Power in view of 2020,the year in which the Directive 2010/31/EU for near-Zero Energy Buildings will come into force.