SWITCH Materials Closes $7.5M in Series B Financing

Thursday, 14 January 2010 New funds will accelerate product commercialization

Vancouver, B.C. (January 14, 2010) – SWITCH Materials Inc., an advanced materials company developing energy saving SMART window solutions, has raised $7.5M in Series B financing. The Business Development Bank of Canada (BDC Venture Capital) led the investment, with participation from existing investors GrowthWorks, Pangaea Ventures and Ventures West. Proceeds will be used for continuing R&D and to complete product commercialization.

"We are extremely happy to have BDC join our investment group, and are grateful for the continued strong support of our existing investors," said Doug Wiggin, CEO of SWITCH Materials. "Being able to meet our financing objectives in the current challenging economic environment speaks highly to the market appeal of our unique technology."

Using its patented hybrid photo / electrochromic materials, SWITCH is focused on the development of dynamic light-control films for architectural and automotive use. SWITCH films darken automatically using the power of the sun to reduce solar heat gain while preserving external views; yet can be cleared at the touch of a button to take advantage of natural lighting when desired.

"I am excited that an up and coming Canadian clean tech company will be added to our portfolio," said Geoff Catherwood, Director of Venture Capital at BDC. "The technology being developed at SWITCH carries tremendous potential to address the burgeoning demand for a new generation of window technology. Producing a SMART window solution that can meet the price point required for significant market penetration will enable SWITCH to gain a leadership position in a large untapped market." In conjunction with the financing, Mr. Catherwood will join the company’s Board of Directors.

About SWITCH Materials

SWITCH is a privately held start-up focused on the development of new materials based on proprietary organic molecules that 'switch' optical properties on command. The company's technology promises to deliver scalable and highly cost effective products across a number of commercial markets.

For more information contact:

Caleb Willis, VP Business Development

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604 484 8872


About BDC Venture Capital

BDC Venture Capital is a major venture capital investor in Canada, active at every stage of the company's development cycle, from seed through expansion, with a focus on technology-based businesses that have high growth potential and that are positioned to become dominant players in their markets.

BDC Venture Capital has been involved in venture capital since 1975 and has to date invested in more than 400 companies involved in the areas of Life Sciences, Information & Communication Technologies and Energy, Environment, Electronic & Materials.

For more information contact: