Innovation Kyoto 2016 Investment Limited Partnership ("KYOTO-ICAP No.1 Fund"), with Kyoto University Innovation Capital Corporation ("Kyoto iCAP") (Head Office: Sakyo-ku, Kyoto; Representative Director: Ko Kusumi) as unlimited liability partner, has made an additional investment in Enecoat Technologies Inc. (Head office: Kamigyo-ku, Kyoto; Representative Director: Naoya Kato), 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 of the 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.

Under these circumstances, Prof. Wakamiya and his research group have succeeded in developing PSC raw materials that can achieve high power generation efficiency with good reproducibility, placing them in the top group worldwide in R&D for the practical application of PSC. Enecoat Technologies is conducting joint research with Wakamiya's laboratory and aims to be the first in the world to launch PSC products. The plan is to first launch small products for wearable devices and sensors, and then expand to applications such as smart streetlights, electric vehicles, and mega solar power generation.

PSC is a global environmentally friendly product and is consistent with the ESG and SDGs investment policies emphasized by Kyoto iCAP. In recognition of these points, MMC has decided to invest an additional 90 million yen in Enecoat Technologies. MMC Innovation Investment Limited Partnership, a corporate venture fund of Mitsubishi Materials Corporation, also participated in this financing.

Outline of Enecoat Technologies, Inc.

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