Midsummer Receives Grants From Italy
€38M in the form of grants and soft loans to build a factory and commence manufacturing
Italian authorities have confirmed that Swedish manufacturer of thin film CIGS solar cells Midsummer will receive incentives of approximately. €38 million in the form of grants and soft loans. These will go towards building a factory and commencing manufacturing lightweight environmentally friendly thin film solar roofs in Bari, Italy for the global market. The production capacity at the Italian factory will be 50 MW per year.
The Puglia region, where Bari is located, has together with the Italian Ministry for Economic Development (MISE) and Italy's investment institution Invitalia announced that Midsummer will receive these grants.
“We are very happy to receive these very advantageous grants,” said Sven Lindström, CEO of Midsummer. “We will tenfold our maximum production capacity and the finished factory will make Midsummer the largest producer of thin film solar cells in Europe.”
Midsummer has already purchased a plant in Bari in southern Italy and can now proceed with the purchase of equipment, including several of the company's own DUO machines, recruitment of staff in both Italy and Sweden. The factory is expected to start production in the summer of 2022.
The entire project is an investment of approx. EUR 66m million, of which Midsummer receives approximately 35 percent in grants and approximately 23 percent in ‘soft loans' from the Italian state via its investment arm Invitalia.
Midsummer's Italian factory and its grants and loans is the first Swedish project to be included in Italy's 'Recovery and Resilience plan', which covers a total of just over €190 billion from the EU.
The decision is announced just after a visit to Italy by a large Swedish trade delegation, in which Midsummer took part. Other members of the delegation were Sweden's Crown Princess Victoria and Prince Daniel, Sweden's Minister for Foreign Trade and Nordic Affairs Anna Hallberg and Sweden's Ambassador to Italy Jan Björklund.
”Midsummer's expansion in Italy is a concrete example of cooperation between Sweden and Italy that is beneficial to both countries and well aligned with several of the trade delegation's focus areas - renewable energy and innovative technology,” said Jan Björklund, Sweden's Ambassador to Italy.
”We truly appreciate the support that has been given to us from the Swedish Embassy in Rome, the Ministry for Foreign Affairs and Business Sweden during these hectic days,” said Sven Lindström.
Order intake increased by 500 percent in the third quarter
Demand for Midsummer's thin, discreet and environmentally friendly solar roofs is very strong in the Nordics, with an increase in order intake for the third quarter of 500 percent. The solar cell roofs manufactured in Italy will be sold to customers in mainly southern Europe.
The wholly owned subsidiary Midsummer Italia will own and operate the factory and, at an initial stage, order a number of DUOs from its parent company for the production of solar cells.
Invitalia is a state institution for investment and economic development, owned by the Italian Ministry of Finance. Invitalia strives to increase Italy's economic growth and focuses on strategic sectors for development and employment. Renewable energy has been identified as an important sector. Italy has very favorable subsidies for the installation of solar cells for homeowners, over 100 percent, which allows private property owners to install solar cells on their houses at no cost.