The loan, provided by the regional development agency Almi Företagspartner Stockholm Sörmland, is partly guaranteed by the European Investment Fund (EIF) and is meant to give Midsummer the resources necessary for thin film production equipment development. Specifically, Midsummer will focus on the production of the DUO machine, a compact, fully automated system for CIGS solar cell production.
Midsummer already has a customer base for its flexible thin film solar cells globally and has sold a DUO system this spring to a foreign multinational company. This, according to Midsummer's CEO Sven Lindström, is proof of market potential for the company's system.
Swedish state-owned Almi's vision is to create possibilities for all viable ideas and businesses to develop. And the EIF supports the development of small and medium enterprises. Midsummer has proven to be one of Sweden's most successful high-profile technology companies and Almi sees the company's potential to become a model for other Swedish environmental technology companies.
Fredrik Larsson, Financial Advisor at Almi stated, "Through the funding we hope to provide Midsummer with the opportunity to develop and pursue its commercialization. It is hoped that Midsummer can become a model for other Swedish environmental technology companies. It will be interesting to follow the company on its journey."