American leader in flexible, light weight solar panels buys production equipment
Solar energy technology leader Midsummer, one of the world's leading developers and suppliers of advanced solar energy solutions, has received an order from US solar panel manufacturer Sunflare worth over 7 MUSD for production equipment of thin film solar cells. The production equipment shall be delivered next year to a new factory in China.
"We are pleased to receive this very significant order for production equipment" said Sven Lindström, CEO, Midsummer AB. "The type of flexible thin film solar cells that Midsummer develops production equipment for, is coming into increasing demand worldwide, not least because of its low weight and flexibility which fits well in urban environments. They are also produced in an environmentally friendly manner with simplicity of installation. As an example of how strong the global trends are: the recent decision in California that all new homes built in the state must have solar power installed from January 1, 2020, that's already in a year. There are over 70.000 houses built in that state alone each year. Other states are expected to follow, as well as other countries."
"The demand for our products in the US has exceeded our expectations and we rapidly need to expand our production capacity with the help of our established partner Midsummer. Our new products, including our modern design driven solar roof shingle, have attracted a lot of attention in the industry. We are keen on delivering innovative solar in applications that have been largely unserved. The market is facing strong growth and we are very well positioned to capture a big portion of it", said Philip Gao, CEO, Sunflare.
Sunflare, with global headquarters in La Verne, California, is the world's leading provider of flexible mass-produced thin film solar cells of the type CIGS, which is especially suitable for weak roofs and new roofs for private homes as well as for factories and offices. Manufacturing takes place in China and the company focuses primarily on the Californian market and in the long term also on the rest of the US and Asia.
"The future is very bright for solar energy, even without subsidies. We strive to be at the technical and market leading edge in this development. We have hired 40 new employees this year and expanded our factory in Järfälla with 1.200 square meters to meet the demand for our products", Sven Lindström concluded.
Rapid growth of revenue and profit
Midsummer is a leading developer and supplier of advanced solar energy technology solutions for the production and installation of thin film solar panels and also a leading Swedish growth and export company. The unique DUO system has taken the position as the most widely distributed manufacturing tool for flexible CIGS solar cells in the world. Midsummer is today leading in the world to produce lightweight, flexible, robust solar panels with high energy-efficiency.
Midsummer had a turnover of SEK 115 million in 2017 and SEK 165 million during the first nine months of the year 2018. Operating income was SEK 25 million (2017) and SEK 30.7 million (January to September this year).
Midsummer is a leading developer and supplier of advanced solar energy technology solutions for the production and installation of thin film solar panels. Its business offering includes equipment for cost-effective manufacturing of thin film solar cells as well as building-integrated photovoltaic (BIPV) solutions for the application of thin film solar cells on buildings (facades, roofs etc.). Midsummers thin film solar modules are light, flexible, durable and highly efficient and therefore ideal for distributed renewable energy projects. Midsummers proprietary technology is based on a rapid process for the production of flexible thin film solar cells using sputtering of all layers of the solar cell. The Company's share (MIDS) is traded on Nasdaq First North Stockholm with G & W Fondkommission as Certified Adviser, phone: +46 (0)8 503 000 50. For more information, please visit: www.midsummer.se