G24i Power Limited is pleased to announce that it has acquired the business of solar technology company G24 Innovations which went under administration last December. G24i Power Limited is a newly-established company incorporated under the law of England and Wales.

The company secured substantial financing from a consortium of private investors headed by the Martin family, who are successful American entrepreneurs. Other investors are represented by Innovation Management Limited, an Isle of Man company, specialising in investing in sustainable energy and energy-conservation projects. The new owners intend to resume production immediately and provide substantial funding to support G24i Power Limited’s strategic plan aimed at significant improvements in product quality and cost reduction.

The Board of Directors of the company currently consists of two directors: Mr Andrew Martin and Dr Yafim Mendiuk. The Board has established an Executive Committee for the company.

G24i Power Limited develops the technology of manufacturing flexible dye sensitised photovoltaic cells based on the invention by Prof. Michael Graetzel of École Polytechnique Fédérale de Lausanne, Switzerland. Prof. Graetzel has endorsed the activity of the new company with the following statement:

“I am very pleased to see this technically highly successful business on a straight path to achieve commercial success. They have all the necessary technical and financial resources to do this.”

The Directors of the new company are appreciative of the assistance and guidance provided by Ed Stevenson during his tenure as founder of the previous business.