RUSNANO Group Signs Agreement with Swedish Company Midsummer on Development of Flexible Solar Panels Market

11 September 2019

The RUSNANO Group Fund for Infrastructure and Educational Programs and Midsummer from Sweden have signed a framework agreement to develop the non-silicon-based flexible solar cell technologies market in Russia and the Eurasian Economic Union (EAEU). The document was signed by Sven Lindström, CEO of Midsummer, and Ruslan Titov, Deputy General Director of the Fund.

Midsummer is the Swedish technology leader in the field of solar energy, one of the world’s leading developers and suppliers of advanced integrated solutions in the field of flexible solar cells. Under the agreement, RUSNANO Group will use Midsummer’s state of the art technologies to manufacture lightweight flexible photocells, copper indium gallium diselenide (CIGS) modules and end products for Russia and other Eurasian Economic Union countries (Armenia, Belarus, Kazakhstan and Kyrgyzstan). For its part, Midsummer will become one of the world-wide distributors of flexible solar modules manufactured in Russia and the EAEU.

“We are pleased and excited to enter into this agreement with such a respectable and forward-looking company as RUSNANO,” said Sven Lindström, CEO of Midsummer. “This could open up a whole new market for our advanced manufacturing equipment for light, flexible, robust and energy efficient thin film solar cells. Our DUO system has taken the position as the most widespread manufacturing tool for thin-film flexible CIGS solar cells in the world. We are particularly impressed with RUSNANO’s focus on the use of flexible solar panels in the construction of new buildings and the operation of existing buildings and other infrastructure facilities, a vision that we share.”

“Flexible solar panels that are integrated into the existing buildings and those under construction are one of the fastest-growing markets in the energy sector today. Technological breakthroughs in photovoltaics made by several research groups and companies in Europe and the US over the recent years allow placing solar panels in previously impossible places: non-accessible roofs, facades and windows. We have been systematically developing non-silicon-based flexible photovoltaics in Russia in the only possible way: first, technology transfer and localization of production, then technological upgrade and scale-up to keep up with the growing market, including export, which we will start immediately after the launch of the first plant,” said Ruslan Titov, Deputy General Director of the RUSNANO Group Fund for Infrastructure and Educational Programs.

The Midsummer flexible solar cell manufacturing process ensures minimal carbon footprint compared to other solar cell manufacturing technologies, as confirmed by life cycle analyses conducted by independent experts.

Additional information

Reference

The Fund for Infrastructure and Educational Programs was established in 2010 in accordance with Federal Law No. 211-FZ “On reorganization of the Russian Corporation of Nanotechnologies.” The Fund aims to develop the innovative infrastructure in the sphere of nanotechnology and implement the educational and infrastructure programs already started by RUSNANO.

The supreme collegial management body of the Fund is the Supervisory Board. Under the Fund’s Charter, the competence of the Supervisory Council, in particular, includes the issues of determining the priority directions of the Fund’s activity, as well as its strategy and budget. The Chairman of the Fund’s Executive Board, the collegial management body, is the Chairman of the Board of Management Company RUSNANO LLC Anatoly Chubais; the Chief Executive Officer of the Fund is Andrey Svinarenko.

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Midsummer is the leading developer and supplier of advanced solar energy solutions for production and installation of flexible thin-film solar panels. The company manufactures equipment for solar cell production, as well as building-integrated photovoltaic (BIPV) solutions.

The patented Midsummer technology is based on the process of rapid production of flexible thin-film solar cells using the spraying of CIGS layers.

The company’s shares (MIDS) are traded at Nasdaq First North Stockholm.

For additional information, please visit midsummer.se