Minnesota Investment Network Corporation Invests in High-Tech Architectural Glass Manufacturer

Date: 25 February 2005
Source: Businesswire.com

Date: 25 February 2005

Minnesota Investment Network Corporation, a community development venture capital firm, today announced an investment of more than $800,000 in SAGE Electrochromics, Inc., a manufacturer of coated glass located in Faribault, Minnesota.

Minnesota Investment Network Corporation's investment joins with others including H.B. Fuller Ventures, Bekaert, and North Star Fund, LLC, a Minnesota Investment Network Corporation certified RAIN(R) fund.

SAGE Electrochromics (www.sage-ec.com) manufacturers and markets an electronically tintable glass suitable for the architectural window industry. SAGE has a large patent portfolio on its SageGlass(R) technology, which allows users to control the level of light and solar heat entering the building through windows, without losing the view. These revolutionary features provide unprecedented thermal and glare comfort for the building occupant as well as energy savings. The company has invested over $30 million in the development and testing of its product-technology.

"SAGE is a perfect example of the kind of company suitable for our investment model," said Steve Mercil, founder and CEO of Minnesota Investment Network. "We've had a long history with SAGE and this investment illustrates our continued confidence in the company. Located outside the metro area, SAGE has all the right ingredients including a driven and passionate leader, a solid business model and a market-changing product."

Started by John Van Dine in 1989, SAGE has developed the first electrochromic glass that demonstrates the performance required for use in the residential and commercial construction industry. The company has contracted with various agencies of the federal government for application of its technology in construction, transportation and defense industries. The company's newly expanded production facility was granted a JOBZ designation by the State of Minnesota.

"We're committed to Minnesota and to our community," said John Van Dine, CEO of Faribault's SAGE Electrochromics. "Thanks to Minnesota Investment Network and our JOBZ grant we're expanding our operations in Faribault and we plan to continue to hire and grow our business locally."

600450 Minnesota Investment Network Corporation Invests in High-Tech Architectural Glass Manufacturer glassonweb.com

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