Innovation Kyoto 2016 Investment Limited Partnership ("KYOTO-iCAP No.1 Fund"), with Kyoto University Innovation Capital Corporation ("Kyoto iCAP") (Head office: Sakyo-ku, Kyoto; President: Koji Murota) as unlimited liability partner, has made an investment in Enecoat Technologies Inc. (Head office: Sakyo-ku, Kyoto; President: Yasuyoshi Kawanishi), a venture company that utilizes research results from Kyoto University.

Outline of this investment
Enecoat Technologies is a venture company established based on the research results of Professor Atsushi Wakamiya (Molecular Assembly Analysis Research Area) of the Research Institute for Complex and Fundamental Chemistry, Institute for Chemical Research, Kyoto University, and is working on the practical application of perovskite solar cells (PSC), a type of next-generation solar cell.

The majority of solar cells used in the world today utilize silicon crystals as the power generating layer. Silicon crystals are manufactured from silica sand, which is the raw material, through processes such as melting and refining, which require large amounts of energy. On the other hand, the basic structure of a solar cell can be created by applying the power generation layer and electron transport layer to a film, which serves as the base, thus reducing manufacturing costs.

In addition to PSCs, other next-generation solar cells such as organic thin-film solar cells and dye-sensitized solar cells have been attempted to be put into practical use, but they have yet to reach the market because they cannot overcome the challenges in power generation efficiency and durability. In this context, the power generation efficiency of PSCs has been rapidly improved over the past few years, reaching a level of over 20%, which is equivalent to silicon solar cells. In addition, PSCs are thin and lightweight, flexible enough to be installed on curved surfaces, and capable of generating power even in low-light conditions, and competition for commercialization is intensifying as the next-generation solar cell of choice.

Against this backdrop, Prof. Wakamiya and his research group have succeeded in developing PSC raw materials that can reproducibly achieve high power generation efficiency, and are among the world's top groups in research and development for the practical application of PSC. In the future, Enecoat Technologies, with the cooperation of Wakamiya's group, aims to be the first in the world to launch PSC products. First, we plan to launch small products for wearable devices, and then expand to applications such as smart streetlights, private power generation, and electric vehicles.

The global solar cell market is huge, worth over 6 trillion yen, most of which is dominated by silicon solar cells, and PSCs have the potential to become one of the products that will compete with silicon solar cells in this huge market. In addition, PSCs are environmentally friendly products, which is in line with Kyoto iCAP's emphasis on ESG and SDGs investment policies. Based on this assessment, we decided to invest 250 million yen in Enecoat Technologies, of which 150 million yen was invested. The remaining 100 million yen will be invested after achieving predetermined milestones.

Outline of Enecoat Technologies, Inc.

Establishment	January 2018
Business	Manufacture and sale of perovskite solar cells and related materials
Head Office Location	Sakyo-ku, Kyoto
President & CEO	Yasuyoshi Kawanishi, Naoya Kato