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09 June 2008

LONDON (Dow Jones) -- G24 Innovations, the first company to commercially manufacture next generation Dye-Sensitized Thin Film solar cells, Monday said Morgan Stanley Principal Investments has invested $20 million in the company.

The investment comes in the form of newly issued ordinary shares and gives MSPI a minority stake in the company and the right to appoint a director to the board.

MSPI will be the main investor in G24i's fundraising, through which the company hopes to boost primary capital to fund growth in the next two years.

Founders and existing shareholders Robert Hertzberg, chairman of G24i's board, and Edward Stevenson, the firm's chief executive, will continue to hold the majority of its share capital.

"This investment is a milestone for MSPI as it is our first investment in the European solar energy space and highlights Morgan Stanley's ongoing commitment to the renewable energy sector," the head of MSPI Europe, Andres Rubio, said in a statement.

Hertzberg said the investment enhances the company's investor base and creates new opportunities through access to Morgan Stanley's global network.

G24i, which launched its first product, a solar powered mobile telephone charger, at the end of 2007, said it is looking to expand on its recent growth.

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services.