CIGS turnkey equipment supplier Midsummer has posted an operating loss of SEK 4.94 million ($513,000) for the first three months of 2019, as its net sales reached SEK 18.68 million.
The Swedish company, based in the suburbs of Stockholm, explained the loss by claiming that it mainly concentrated on the development of a new product for its machinery customers throughout the January-March period, with more attractive payment terms thanks to a green bond it issued last month.
“Our customers have waited for the outcome of the green bond before making new investments,” said Sven Lindström, CEO of Midsummer AB. “With the green bond in place, the sales discussions have taken off and reached a new momentum, and we anticipate accelerated sales in the future thanks to these new opportunities.”
DNB Markets and Nordea served as financial advisors for the green bond framework that Midsummer recently released. The green bond involves a contribution of SEK 200 million to Midsummer's cash, minus issue costs, it said in an emailed statement.
Last December, the company revealed that it had secured a $7 million order for its CIGS production equipment from U.S.-based manufacturer Sunflare, for a new production facility under construction in China. Sunflare expects to bring the factory online at some point this year.
Last August, Midsummer also announced that it had received a repeat order from an unidentified Asian customer for its thin-film cell production equipment.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.