OREANDA-NEWS. October 16, 2012. SABIC Ventures B.V., the global corporate venture capital arm of SABIC, today announced that it has led a USD 5M investment round in Silicon Valley-based Vitriflex, Inc., a developer of high-performance barrier films for solar panels and flexible electronics. Existing investors, including DFJ-JAIC Venture Partners, also joined the round. Hans Kolnaar, Managing Director of SABIC Ventures, joins Quaeed ‘Q’ Motiwala, Managing Director of DFJ-JAIC, and David Parker, Co-Founder and CEO of Vitriflex, on the board of directors.

Commenting on the investment, Kolnaar said: "SABIC is actively exploring and investing in technology which reduces the cost of solar energy and enables the application of solar in a variety of market segments. We are excited by Vitriflex’s unique approach to the well-known challenge of barrier films." Andrew Kodis, SABIC’s Director of Solar Energy adds: "Vitriflex has made tremendous progress in a relatively short time, and we see great potential in the solar space, as well as other applications."

"Ultra-barrier encapsulation is a critical requirement for a wide range of emerging technologies, including solar PV and mobile OLED display, where flexibility, thinness, and lightweight are needed," said Parker. "We are thrilled to have SABIC Ventures as an investor, and to have Dr. Kolnaar joining our board and helping to direct the future growth of Vitriflex."

The funds will be used to accelerate Vitriflex’s development strategy.