View (NASDAQ: VIEW) (“View” or the “Company”) today announced it
has raised $200 million in Convertible Senior Notes, which supports
View’s continuing growth and path to profitability, following the
inclusion of its smart windows in the Investment Tax Credit (ITC)
within the recently passed Inflation Reduction Act of 2022. The
investment is led by RXR-affiliated investment vehicles, with
participation from USAA Real Estate, Anson Funds, and the
Environmental Strategies Group of BNP Paribas Asset Management, as
well as other new and existing investors. Scott Rechler, Chairman
and CEO of RXR, will join the Company’s Board of Directors.
“At View, we are committed to creating sustainable,
experiential, healthier, and smarter buildings. With the products
and operations already in place, this capital allows us to scale
our business to broad market adoption and profitability,” said Dr.
Rao Mulpuri, CEO of View. “We’re excited to have such strong
endorsements from leaders across the real estate industry. I’m
thrilled to welcome Scott to our Board of Directors. As the leader
of one of the most innovative real estate developers, his knowledge
of the real estate ecosystem, and his drive for positive change in
the industry match perfectly with our mission. He also adds
substantial expertise to our Board with his deep public-company
experience.”
“Smart windows represent one of the most impactful ways to
reduce energy usage and carbon emissions from real estate,” said
Scott Rechler, Chairman and CEO of RXR. “View has thoughtfully
built the intellectual property, full-stack products, manufacturing
capacity, operational infrastructure, and most importantly, a
delighted customer base needed to transform the real estate
industry. I’m looking forward to working with Rao and the team to
rapidly scale this platform into an even more successful
business.”
Scott Rechler is the Chief Executive Officer and Chairman of
RXR. In addition to his role at RXR, Scott serves on the Board of
Directors of the Federal Reserve Bank of New York, Chair of the
Regional Plan Association (RPA), Trustee and Vice Chair of the
National September 11 Memorial and Museum at the World Trade
Center, Member of the Real Estate Board of New York (REBNY), Chair
of The Feinstein Institute for Medical Research, Member of the
Board of Trustees at Northwell Health, Member of the NYU Real
Estate Institute Advisory Committee, Co-Chair on the Board of the
Tribeca Film Institute, Member of the Board of the Drum Major
Institute, Convene, Kitchen United, and the Hospital for Special
Surgery. From 2011 to 2016, Scott served on the Board of
Commissioners as Vice Chairman for the Port Authority of New York
and New Jersey and later served on the Board of the New York
Metropolitan Transportation Authority (MTA) from 2017 to 2019. He
previously was the Chairman and Chief Executive Officer of Reckson
Associates Realty Corp. and served on the Board of Directors of
American Campus Communities, Inc.
“USAA Real Estate has firsthand experience with View Smart
Windows as they have continued to refine their products over the
last several years,” said Len O’Donnell, CEO of USAA Real Estate.
“This is an amazing technology that offers the potential to
transform our industry, and with the addition of the recent tax
credit, it’s economically attractive for anyone in the real estate
industry to deploy in their entire portfolio. We could not be more
excited to be part of View’s growth story.”
“We urgently need to reduce the carbon footprint of our built
environment. View offers one of the best solutions to do this while
also making buildings smarter, healthier, and more efficient,” said
Edward Lees, Co-Head of the Environmental Strategies Group at BNP
Paribas Asset Management. “The Inflation Reduction Act of 2022,
which includes Smart Windows in the ITC, will now accelerate the
roll-out of this innovative product that is already used in a
growing number of leading buildings.”
“Anson is delighted to be participating in this strategic
financing round that will enable View to embark on its next stage
of growth,” said Moez Kassam, CIO of Anson Funds, a leading
alternative asset management company with a core focus on global
real estate securities. “View has proven out their smart window
technology, helping their high-quality customer base reduce its
environmental impact and we believe the ITC will help speed up
adoption of this next-generation technology.”
For further details regarding the investment, please see the
Company’s Current Report on Form 8-K, filed on October 27,
2022.
The management presentation can be found on View’s investor
relations website investors.view.com/investor-relations
Forward-Looking StatementsThis press release
and certain materials View files with the U.S. Securities and
Exchange Commission (the “SEC”), as well as information included in
oral statements or other written statements made or to be made by
View, other than statements of historical fact, contain certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended. These
forward-looking statements are based on current expectations,
estimates, assumptions, projections, and management’s beliefs, that
are subject to change. There can be no assurance that these
forward-looking statements will be achieved; these statements are
not guarantees of future performance and are subject to certain
risks, uncertainties, and other factors, many of which are beyond
View’s control and are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed
or forecasted in such forward-looking statements. View’s business
is subject to a number of risks which are described more fully in
View’s Annual Report on Form 10-K for the year ended December 31,
2021, and its subsequent Quarterly Reports on Form 10-Q. View
undertakes no obligation to update forward-looking statements to
reflect events or circumstances after the date hereof.
About ViewView is the leader in smart building
technologies that transform buildings to improve human health and
experience, reduce energy consumption and carbon emissions, and
generate additional revenue for building owners. View Smart Windows
use artificial intelligence to automatically adjust in response to
outdoor conditions, eliminating the need for blinds and increasing
access to natural light. Every View installation includes a
cloud-connected smart building platform that can easily be extended
to reimagine the occupant experience. View’s products are installed
in offices, apartments, airports, hotels, and educational
facilities. For more information, please
visit: www.view.com.
About RXRRXR is an innovative investor,
developer and place-maker committed to applying a customer and
community-centered approach to building properties, services, and
products that create enduring value for all stakeholders.
Headquartered in New York with a national platform strategy, RXR is
a 500+ person, vertically integrated operating and development
company with expertise in a wide array of value creation
activities, including ground up real estate, infrastructure and
industrial development, uncovering value in underperforming
properties, repurposing well-located iconic properties,
incorporating cutting edge technologies and value-added lending.
The RXR platform manages 93 commercial real estate properties and
investments with an aggregate gross asset value of approximately
$22.3 billion, comprising approximately 30.3 million square feet of
commercial properties, a multi-family residential portfolio of
approximately 7,600 units under operation or development, and
control of development rights for an additional approximately 3,800
multi-family and for sale units as of June 30, 2022. Gross asset
value was compiled by RXR in accordance with company fair value
measurement policy and is comprised of capital invested by RXR and
its partners, as well as leverage. Visit RXR.com for more
information.
About USAA Real EstateAlong with its affiliate
companies, USAA Real Estate invests across the risk spectrum for a
global client base, managing over $35 billion in net assets under
management within a diversified portfolio across North America and
Europe. USAA Real Estate provides strategic equity and debt
capital, including to capitalize on the accelerating demand for
technology-driven real estate assets, to meet the critical need for
housing solutions, and for other market and capital structure
opportunities exhibiting compelling risk-return characteristics.
For more information, please visit: www.usrealco.com.
For further information about View, Inc. please
contact:
Samuel MeehanView, Inc.IR@View.com408-493-1358
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