Swedish thin film production line supplier Midsummer has published encouraging financial results for 2013 that show the company tripled its revenues by 192% after recording a loss in 2012.
Midsummer’s official figures show that the company increased its annual revenue from just 14.9mSEK ($2.28 million) in 2012 to 43.5mSEK ($6.66 million) last year, generating a profit of more than 10mSEK ($1.5 million).
The Swedish company has enjoyed a raft of positive headlines in recent years, earning global acclaim for its sputtering technique for manufacturing thin film CIGS solar cells, and being named Swedens hottest technology company several times. After becoming one of Europes fastest-growing cleantech companies between 2007-2011, Midsummer suffered its first losses in 2012.
However, the company believes that the success of its sputtering technique which enables cost-effective and scalable production of thin film solar cells and the general upturn in the solar market has helped the company work its way back into the black, as has a growing appetite for CIGS technology throughout the industry.
"The global solar cell market is facing a paradigm shift," said Midsummer CEO, Sven Lindström. "Fewer larger 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."
The CEO added that Midsummer’s objective is to lead the market in lightweight, flexible solar panels. "We aim for the company to grow in tandem with this rapidly expanding market segment."