Corning Incorporated (NYSE:GLW) “View” ing the world through a glass pane
Corning Incorporated (NYSE:GLW), the glass maker who is a class apart, led a $60M investment in View Inc. It will help the company in developing tintable, energy-saving windows, to be used in buildings. Khosla Ventures, General Electric Co, Sigma Partners LP as well as NanoDimension Management Ltd, participated in View’s Series E funding-round. Rao Mulpuri, the CEO said that since 2006, View has raised around $182.5M in total equity-financing.
Viewing the benefits
The Milpitas, California-based View, is a closely-held company that is developing “dynamic glass”. This glass changes its tint depending on the environmental conditions as well as user preferences. It controls the amount of heat and sunlight in buildings. In a statement that View issued, it said that in a typical commercial-installation, the power consumption of heating, lighting and air-conditioning systems is reduced by around 20% on an annual basis. Its high energy-efficiency makes it an ideal material in modern day construction. It seems like the next big building material is finally here.
Mulpuri said that presuming that around 10% of windows in the world used View’s glass, the company’s addressable market will be around $100B. Globally, around 25B sq ft of glass is installed as external windows on an annual basis. That’s around eight times as much glass that is used in liquid-crystal display televisions, annually. That market is worth around $10B-$15B annually and View’s glass I definitely a big opportunity for Corning whose bulk of profits come from LCD glass.
Is glass green?
Glass controls light, lets in good rays and staves the bad ones. It lets natural light filter through into the interiors and saves on energy-costs. It also tends to harmonize the structure with the environment. This is probably why an increasing number of architects are opting to use this versatile material in their structural designs. The fondness today is for expanses of glass and it doesn’t seem like the trend is going to abate any time soon. It was time for corning to diversify from flat-panel televisions, tablets and phones and get a new View on the world.