Update: $22m raised for production expansion
Thinfilm has raised $22m from US investors in a private placement priced at NOK5.01/share. The funds will be used for the expansion of production facilities following strong interest in the newly-launched NFC OpenSense platform. Management expects the resulting total capacity to be capable of generating $40m of revenues at 50% gross margin by the end of 2016. No volume orders have been announced for OpenSense yet, so the rate of production ramp-up is difficult to predict, but we expect the new capacity to become fully utilised over the next 12-18 months.Thin Film Electronics is an electronics group based in Norway. Co. is engaged in the development of printed electronics. Co. commercializes printed rewritable memory and creates printed system products that include memory, sensing, display and wireless communication. Co.'s products include memory labels, storing digital data on a thin, rewritable label; brand protection solutions, consisting of adhesive labels that generate a distinct forensic electrical signature; sensor labels, which sense information and store data; display labels, low cost display media to communicate the information stored in the ThinFilm Memory; and NFC Smart Labels.
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