Pangaea Invests in Smart Window Technology Start-up Switch Materials

Thursday, 10 May 2007 Switch Materials Announces Early Round Financing
Investment syndicate includes Pangaea Ventures and GrowthWorks

Vancouver, B.C. (May 10, 2007) - Switch Materials Inc., a spin-off company from Simon Fraser University developing energy efficient smart window technology, today announced the closing its first round of financing. Lead investors are Pangaea Ventures Ltd. and GrowthWorks (through the Working Opportunity Fund), with participation from WUTIF and Simon Fraser University.

SWITCH's technology is based on organic materials that rapidly transform from a colourless to a highly coloured state when stimulated with solar energy. The effect is quickly reversed when electricity is applied. The unique bi-directional chemical transformation provides a means to control the amount of absorbed and transmitted light in multiple commercial applications such as SMART Windows for homes, offices and automobiles. Controlling light in these environments could potentially save billions of dollars on heating, cooling and lighting costs (a recent study funded by the California Energy Commission suggest that peak air-conditioning load reductions due to solar heat gains could be up to twenty-six percent).

Dr. Neil Branda, one of Canada's leading young scientists and a 2006 Canada's Top 40 Under 40 Recipient, a 2005 NSERC Steacie Fellowship winner and a Tier I Canada Research Chair in Materials Science, leads the research team. SWITCH will also benefit from its access to state-of-the-art analytical and clean room facilities housed in 4D LABS, Simon Fraser University's new $40 million applications and science-driven research centre.

“We are pleased to be entering this new phase of our company's evolution”, said Branda. “Countless hours have been spent in the lab designing and synthesizing these compounds and it is tremendously exciting to have the opportunity to develop products that could make a meaningful contribution to energy conservation.”

About Pangaea Venture Fund

Pangaea Ventures (www.pangaeaventures.com) is a venture capital firm that invests in early-stage advanced materials, energy and environmental technology companies. It has offices in Vancouver and New Jersey makes investments across the United States and Canada.

About GrowthWorks

GrowthWorks (www.growthworks.ca) is a recognized leader in venture capital fund management with proven experience in the raising and managing of capital. GrowthWorks™ managed funds, including the Working Opportunity Fund, GrowthWorks Canadian Fund, GrowthWorks Commercialization Fund, and GrowthWorks Atlantic Venture Fund, have approximately $800 million in combined assets. GrowthWorks has a team of skilled and knowledgeable investment professionals with a combined 200 years of experience. The Investment team has a proven track record of identifying, analyzing and structuring investments in emerging sectors. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd.

 

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