Increases revenues by 192 per cent

[Stockholm, Sweden, May 2, 2014.] Midsummer, a leading supplier of production lines for cost effective manufacturing of flexible thin film CIGS solar cells, increased revenues by 192 per cent in 2013 compared to 2012, according to the company's financial report that was made public today. Revenues increased from 14.9mSEK to 43.5mSEK with a profit of more than 10mSEK.

Midsummer has gained much attention in the global solar energy industry due to its fast growth and due to its innovative thin film CIGS solar cell manufacturing process by sputtering. Midsummer has several times been named Sweden's hottest technology company and was the fastest growing cleantech company in the EMEA region (Europe, Middle East and Africa) in 2007-2011 (Fast 500, Deloitte).

Midsummer, founded in 2004, has been profitable ever since despite its strong growth but in 2012 the company made a loss. This was reversed in 2013 and the company made a profit on a little over 10mSEK on revenues of 43.5mSEK. Revenues were up 192 per cent from last year.

Midsummer is a leading supplier of turnkey equipment for cost effective manufacturing of CIGS thin film flexible solar cells on stainless steel. Midsummer has developed a revolutionary solar cell manufacturing process by sputtering all layers of the solar cell. This enables cost effective and scalable production of thin film solar cells.

CIGS flexible solar modules are growing in popularity thanks to their low weight, flexibility and durability. Applications are e.g. floating modules, vehicles, landfills, portable power generation and membrane roofs on factories, offices and other structures that are not strong enough for traditional glass modules.

"The global solar cell market is facing a paradigm shift," said Sven Lindström, CEO, Midsummer. Fewer large solar energy parks are being built in Europe. Instead, focus is moving to installations on large buildings in cities. The lightweight and flexible thin film solar cells are ideal for this use. It is economically and environmentally more beneficial to use solar energy locally, where it is produced."

"Midsummer's objective is that our technology shall be a leader in the market segment lightweight, flexible solar panels, and that the company shall grow in tandem with this rapidly growing segment."

For images of thin film CIGS solar cells and the Midsummer manufacturing equipment, please go to http://www.midsummer.se/pressmediagallery.html