Research Frontiers raises $2.5m in expansion round of funding

Smart glass technology company Research Frontiers (Nasdaq:REFR) has raised $2.5 million in expansion funds from a group of existing investors, which include architects, owners and developers of some of the world's biggest buildings.

The investors received 641,026 shares of Research Frontiers  at a price of $3.90 per share, the average market price of the stock on September 15.

In addition, the investors received 128,205 five-year warrants to purchase additional shares at a price of $6.25 per share.

The funds will be used to expand the business, as smart glass technology picks up demand and more projects are announced. The company plans to add more staff in its sales, marketing, and business development areas, it said.

The company's SPD-Smart light-control film technology transforms products like windows, skylights, curtainwalls, partitions and sunroofs into products that allow consumers to instantly control the light, glare and heat entering a building or vehicle.

The technology is instantly tunable to a number of light transmission states regardless of window size, and adapts to individual preferences using control devices like basic dimmer switches and photosensors.

Aside from energy efficiency, the technology works to increase security, noise reduction and it protects from harmful ultraviolet light.

"Independent data shows that SPD-SmartGlass technology can be used to make the highest-performing and most energy-efficient windows in the world," said president and CEO Joseph M. Harary.

Potential future applications of the technology could include eyewear products,motorcycle helmets, mirrors and even flat panel displays.