Part of the loan has been guaranteed by the European Investment Fund, EIF, in order to provide Midsummer with increased resources for research and development of machinery for the production of thin-film solar cells, known as DUO machines.
“Our loan intends to provide opportunity for innovative companies to develop innovations and business ideas that provide growth and profitability” said Fredrik Larsson, Financial Advisor, Almi Företagspartner Stockholm Sörmland AB.
Sven Lindström, CEO, Midsummer, added that the company sold a DUO system in the spring to a foreign multinational company. The DUO is a compact, fully automated system for production of CIGS solar cells, which is designed for high productivity, operational stability and superior material utilization.
Midsummer’s customers are manufacturers of flexible thin film solar cells located all over the world. An increasing number of companies have seen the benefits of the technology as it can be easily integrated into buildings as BIPV, a segment of the global solar sector that is growing rapidly. Alma Företagspartner Stockholm Sörmland AB hopes that the funding will enable Midsummer to develop and pursue the commercialisation of the DUO and become a model for other Swedish environmental technology companies. Currently, Midsummer is one of Sweden’s most high-profile technology companies and was the fastest growing cleantech company in the EMEA region in 2007-2011.
For additional information:
Alma Företagspartner Stockholm Sörmland AB (Swedish Regional Development Agency)
