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GPB Capital Finalizes $31M Debt Investment in Kinestral Technologies

Senior Secured Note’s Proceeds Will Provide Kinestral with Capital to Formally Launch its Halio™ Smart-Tinting Window Glass

NEW YORK- GPB Capital has completed a debt investment in Kinestral Technologies, Inc., a developer and manufacturer of Halio™ smart-tinting glass for windows in homes and office buildings. The investment’s proceeds will enable Kinestral to bring its innovative natural light management system to market.

The investment in Kinestral is part of GPB Capital’s ongoing strategy to provide senior secured loans to empower small and midsize businesses to reach a new phase of growth and profitability. To learn more about GPB Capital’s debt investment strategy, please visit: http://gpb-cap.com/our-strategies/debt-strategies/.

“By offering an intelligent and sustainable way to control natural light, Kinestral’s technology has the potential to change how people around the world live and work,” said Evan Myrianthopoulos, Managing Partner with GPB Capital responsible for the firm’s Debt Strategies. “We are glad to support Kinestral at this critical time for the company, and work closely to make the rollout of Halio™ smart-tinting glass as smooth and productive as possible.”

California-based Kinestral’s Halio (https://www.kinestral.com/) is next-generation electrochromic technology. It differs from earlier technologies in three key ways: it reaches maximum tint in less than three minutes; it tints uniformly (no more curtain or iris effect); and in its clear state, it looks like ordinary, clear glass until it tints to cool shades of gray. Halio windows can be fully automated in response to the sun’s position, time of day, or other user-specified criteria, and they can also be manually controlled. Manual controls include wall switches and a mobile app. Halio can be integrated with building management and home automation systems, as well as with cloud-based devices. Halio smart-tinting glass is sold exclusively through Halio North America and Halio International, joint venture companies that Kinestral formed with AGC, Inc., the largest glass manufacturer in the world, to ensure worldwide distribution from day one.

“With Halio™ smart-tinting glass, architects, designers, and builders can more easily create beautiful, comfortable, and sustainable spaces,” said S.B. Cha, CEO of Kinestral Technologies, Inc. “GPB Capital’s investment will significantly aid us in commercially launching a product that has the potential to revolutionize the construction industry—and in the process, help people harness sunlight in ways that improve quality of life.”

Kinestral will use proceeds from GPB Capital’s investment to repay a small term loan, expand production capabilities in the U.S. and Taiwan, and fund corporate working capital.
GPB Capital’s debt investment in Kinestral consists of a $31.2 million senior secured note scheduled to mature in May 2020. The note’s proceeds will be distributed in two tranches, with $20.8 million released upfront. The remaining $10.4 million is on track to be deployed by December 31, 2018, subject to Kinestral reaching certain revenue targets.