Midsummer applies for establishment support from Invitalia
Midsummer has now applied for establishment support to the Italian state institution Invitalia for setting up a large-scale production of solar panels in Bari, Southern Italy. The finished plant will make Midsummer the largest producer of CIGS solar panels in Europe.
In November, Midsummer signed an agreement to purchase a factory in Bari in southern Italy. The company is now taking the next big step towards a factory with large-scale solar panel production with an estimated peak capacity of 50 MW per year by submitting an application for establishment support to Invitalia.
The application has been well received by government representatives at both local and national level. The establishment support consists of part grants and part loans and outcome is expected during the first half of 2021.
"It has been an exciting and solid process and we have had very good relations with Invitalia, which sees great opportunities with our establishment in Italy. They are very positive about our business concept and the local job opportunities that will arise on site in Bari", said Sven Lindström, CEO, Midsummer.
"We are very grateful for the opportunities that this advantageous establishment support would provide and that we will be able to call ourselves the largest CIGS solar panel manufacturer in Europe when the plant is in place", said Jarno Montella, CEO of Midsummer Italia.
Briefly about Invitalia:
Invitalia is the National Agency for Inward Investment and Economic Development. It is owned by the Italian Ministry of Economy. Invitalia aspires to boost Italy’s economic growth, focusing on strategic sectors for development and employment. It lists and manages all the national and EU incentives and funds that are available for the creation of new companies and innovative start-ups. It also provides free of charge services to foreign investors.
For further information, please contact:
Helena Engelbrecht
Head of Communications, Midsummer
E-mail: helena.engelbrecht@midsummer.se
Phone: +46 76 789 77 78
About Midsummer
Midsummer develops and markets solar panels directly to end customers from its own production. With the products Midsummer SLIM, Midsummer WAVE and Midsummer BOLD he customers get light, thin and discrete solar panels that result in aesthetically pleasing solar roofs with a 90 % smaller carbon footprint compared to conventional solar panels.
Midsummer is also 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. Midsummer’s DUO system has taken the position as the most widespread manufacturing tool for flexible CIGS solar cells in the world.
Midsummer’s technology is based on a rapid process for the production of durable, flexible CIGS solar cells using sputtering of all layers of the solar cell in a sealed vacuum chain. The Company’s share (MIDS) is traded on Nasdaq First North Premier Growth Market with G & W Fondkommission as Certified Adviser, phone: +46 (0)8-503 000 50, email: ca@gwkapital.se. For more information, please visit: midsummer.se
