Solar company Greatcell Solar (ASX:GSL) has announced it has executed a subscription agreement for a $4 million investment from an Australian food, water and energy fund.
Under the agreement, 18.2 million shares at 22 cents per share will be issued.
Greatcell said the fund has indicated interest to maintain its shareholding and increase it over time where possible as Greatcell transitions from R&D to mass manufacturer.
The funds, which are expected to be available in early December, will be used for its prototype facility at CSIRO in Victoria and to commence procurement of equipment needed for the facility.
This will allow Greatcell to advance technology development and move forward with its solar call commercialisation schedule.
Shares in Greatcell Solar (ASX:GSL) are trading flat at $0.18.