SunDensity has acquired QD Solar, developer of perovskite solar cells, renaming it SunDensity Canada. This move is meant to align both companies on technologies and products that amplify solar panel efficiency.
SunDensity develops coatings that improve the efficiency of solar panels and increase the reflectivity of windows and glass, helping to lower energy costs and carbon emissions by reducing heat gain. The acquisition will combine the technological expertise of both companies, targeting commercialization.
Founded in 2014, SunDensity Canada is based on research from The University of Toronto. The Company was fostered in the Illuminate business incubator located in Rochester, where the staff became familiar with SunDensity. QD Solar saw an opportunity to improve the effectiveness of SunDensity’s products with its chemical deposition process, and was asked by SunDensity to take its “recipe” and apply the chemical deposition to improve results. The experience helped both companies realize they are highly compatible.
SunDensity decided to acquire QD Solar because of its expertise in chemical deposition, rather than attempt to develop the talent in-house or hire other experts in the field.
SunDensity Canada’s products are prototypes and have not reached commercialization, similarly to SunDensity - which does not have customers but has been working with solar cell and glass manufacturers to get the technology into production.
Research will continue on the photovoltaic side in Toronto, while SunDensity will maintain operations in Rochester to develop and commercialize its coatings. Decisions on what will be manufactured and where will be made in the next 18 to 24 months. This includes whether manufacturing will be done in Canada or the U.S, or in both.
The Company will likely be pursuing a funding round, and plans to announce partnerships with solar cell or glass manufacturers.
