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Home / Business

Super Fund invests in smart glass firm

NZ Herald
13 Aug, 2015 05:00 PM2 mins to read

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View's dynamic tinting glass uses electrochromatic technology to control glare.

View's dynamic tinting glass uses electrochromatic technology to control glare.

NZ Super Fund invests in US manufacturer.

The New Zealand Superannuation Fund has invested US$75 million ($113.7 million) into a US "smart glass" manufacturer.

California-based View's dynamic tinting glass uses electrochromatic technology to control glare and preserve building occupants' views without blinds and shades.

An "intelligent system" operates the glass, which responds automatically to outdoor conditions. It can also be controlled from smartphones, tablet computers or wall switches.

The technology has been installed in more than 120 North American sites, the Super Fund said.

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View chief executive Rao Mulpuri has said the systems typically reduced heating, ventilating, air conditioning and lighting energy consumption by about 20 per cent in commercial installations.

However, the glass reportedly costs about 50 per cent more than regular glass.

The $30 billion Super Fund has invested in the privately owned company alongside other major investors including Khosla Ventures, Sigma Partners, GE Capital and Madrone Capital Partners.

The Super Fund's head of international direct investment, Nigel Gormly, said View played to the fund's strengths as an investor.

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"We've got a clear investment strategy and View's a great fit because it's developing a unique product in a space where we see considerable growth," Gormly said.

Gormly, who will take a seat on View's board, said the company was yet to make a profit. He declined to disclose its revenue, or how much cash it was currently losing.

The size of the Super Fund's stake in the glass maker was also commercially sensitive, Gormly said.

He said View faced some competition, notably from Minnesota-based Sage Glass.

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"The market is very, very large," Gormly said. "The product has global appeal."

The Super Fund's expansion capital investments account for about 1.5 per cent of its overall portfolio.

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