HyET Solar, a thin film solar PV foil, startup has raised €29 million ($31 million) to accelerate the completion of its 40 MW manufacturing facility in Arnhem, Netherlands.
Invest-NL, an impact investor, said it contributed €14.5 million debt financing in the round. This sum is meant to push forward the completion of the company's 40 MW production factory in Arnhem.
“This investment is an important step in reshoring solar production to the Netherlands and Europe. Furthermore, it sets the tone for a more sustainable, material-efficient future in the solar energy sector,” said Wouter van Westenbrugge, Senior Investment Manager, Invest-NL.
HyET Solar plans to scale up its capacity to 300 MW and go public within two years.
Hyet Solar uses hydrogenated amorphous silicon in its light and flexible solar foils. It has two module types based on single junction and tandem junction design. The manufacturer said the panels are available in custom lengths.
The foils have a bending radius of 7.5 cm, with a weight of 600 g per m2. Power density is 110-150 W/kg. The cells are encapsulated in a polymer package that the company claims is durable and low cost.
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