SABIC Ventures Leads $5M Series B Investment in Vitriflex
Sittard, The Netherlands, 5 October 2012 – SABIC Ventures B.V., the global corporate venture capital arm of SABIC, today announced that it has led a $5M investment round in Silicon Valley-based Vitriflex, Inc., a developer of high-performance barrier films for solar panels and flexible electronics. Existing investors, including DFJ-JAIC Venture Partners, also joined the round. Hans Kolnaar, Managing Director of SABIC Ventures, joins Quaeed ‘Q’ Motiwala, Managing Director of DFJ-JAIC, and David Parker, Co-Founder and CEO of Vitriflex, on the board of directors.
Commenting on the investment, Kolnaar said: “SABIC is actively exploring and investing in technology which reduces the cost of solar energy and enables the application of solar in a variety of market segments. We are excited by Vitriflex’s unique approach to the well-known challenge of barrier films.” Andrew Kodis, SABIC’s Director of Solar Energy adds: “Vitriflex has made tremendous progress in a relatively short time, and we see great potential in the solar space, as well as other applications.”
“Ultra-barrier encapsulation is a critical requirement for a wide range of emerging technologies, including solar PV and mobile OLED display, where flexibility, thinness, and lightweight are needed,” said Parker. “We are thrilled to have SABIC Ventures as an investor, and to have Dr. Kolnaar joining our board and helping to direct the future growth of Vitriflex.”
The funds will be used to accelerate Vitriflex’s development strategy.
About SABIC Ventures
SABIC Ventures is the global corporate venture capital arm of SABIC, based in the Netherlands. Its primary goal is to seek out innovative technologies and businesses consistent with the company’s global strategy. Its investment focus includes advanced materials and composites; alternative feedstocks for chemicals and materials; and alternative energy and cleantech. SABIC Ventures invests directly in seed stage, early stage and late stage companies.
Saudi Basic Industries Corporation (SABIC) ranks among the world’s top petrochemical companies. The company is among the world’s market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
SABIC recorded a net profit of SR 29.24 billion (US$ 7.80 billion) in 2011. Sales revenues for 2011 totaled SR 189.90 billion (US$ 50.64 billion). Total assets stood at SR 332.78 billion (US$ 88.74 billion) at the end of 2011.
SABIC’s businesses are grouped into Chemicals, Polymers, Performance Chemicals, Fertilizers, Metals and Innovative Plastics. SABIC has significant research resources with 16 dedicated Technology & Innovation facilities in Saudi Arabia, the USA, the Netherlands, Spain, Japan, India and South Korea. The company operates in more than 40 countries across the world with around 40,000 employees worldwide.
SABIC manufactures on a global scale in Saudi Arabia, the Americas, Europe and Asia Pacific.
Headquartered in Riyadh, SABIC was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases associated with its oil production as the principal feedstock for production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70 percent of SABIC shares with the remaining 30 percent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.
Vitriflex is a developer of high-performance barrier films for solar panels and flexible electronics, founded in 2010, and based in Silicon Valley in California. Vitriflex ultra-barrier encapsulation provides cost-effective protection from moisture and oxygen, improves lifetime and reliability, and has the added benefits of being flexible, thin, lightweight, and shatterproof. Vitriflex enables exciting new categories of flexible solar PV modules, flexible OLED displays, next generation mobile displays, and solid state lighting.