German solar tracker supplier Ideematec has received an investment of “two-digit million euros” which it will use to expand operations. According to an announcement by the tracker manufacturer, a deal was signed with its shareholders and Dutch bank ABN AMRO’s Energy Transition Funds (ETF) to seal the capital injection. The transfer of funds is pending approval by the German Federal Cartel Office.
Ideematec said the funds will be used to support the company’s presence in the Middle East and North Africa (MENA) region; in Asia and America; for product development; and for expanding its team. Production capacity had already been ramped up from 15 MW per week in mid-2018 to 40 MW, with the aim of further increasing capacity in future.
The supplier delivers trackers mainly to MENA, Europe and Asia and also secured a 350 MW order in Australia.
“As a supplier of a key component for PV projects we understand our role and responsibility towards our customers,” said Ideematec CEO Mario Eckl. “The current order intake of more than 1 GW reflects to us the demand of our highly reliable products and services more than ever before. In addition to a great product and a very experienced team, we have worked hard to expand our global production capacity to meet the market requirements. With a production capacity of 2.5 GW, our customers can rely on a strong supply chain. The improved capital structure provides a solid base for further expansion. We are therefore very happy that ABN AMRO ETF accompanies us in rolling out our growth plans.”
Ideematec has already installed 2 GW in the field and is experiencing a wave of growth as it is currently supplying projects with a total 1 GW of generation capacity, including the 350 MW site in Australia mentioned above and a 250 MW site in Jordan.
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Consultant Wood Mackenzie Power & Renewables said the global tracker market surpassed 20 GW last year, for 36% year-on-year growth. The largest market was Latin America, where 5,851 MW of products were shipped, with the U.S. in second place. The analysts found the MENA and Australian markets showed the highest growth rates, year on year, with 96% and 74%, respectively.
With PV installation figures expected to top 100 GW by the end of the year, tracker manufacturers are likely to benefit from the upwards trajectory, especially in markets in which tracking offers the strongest economic returns, such as MENA, Latin America and Australia but also the south of Europe.