Sage Electrochromics lands $80M investment (Twin Cities)
Economic development officials eager to brag about "green" jobs in Minnesota often tout the growth of Fairbault’s Sage Electrochromics. And news out Wednesday certainly validates the enthusiasm.
The manufacturer of high-tech tint-able windows has landed an $80 million investment from French glass giant Saint-Gobain.
As part of the deal, Saint-Gobain also will distribute Sage's products under the Quantum brand name. Sage's glass darkens at the push of the button, making buildings more energy efficient.
TIAA-CREF, one of the nation’s largest pension funds, also participated in the round of financing.
The news was even big enough to even warrant a comment from U.S. Department of Energy Secretary Steven Chu, who said the firm's technology "can help transform windows and skylights from energy liabilities to energy savers."
The DOE provided Sage $72 million in loan guarantees to help the company construct its plant. The state of Minnesota also provided Sage with a $1 million forgivable loan and a $350,000 job training grant.
Read the full story in the Minneapolis/St. Paul Business Journal.
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