- Almost 250 jobs will be offered through this solar cell factory
- Midsummer’s objective is to ramp up its production to exceed 1 GW by 2030
The EU Innovation Fund has selected the Midsummer to invest EUR 32.3 million for a new solar cell factory in Sweden. This factory will produce 200 MW of thin film solar cells annually, which, together with the factory that Midsummer is completing in Italy, would give the group an annual production capacity of 250 MW.
The production of the new Swedish Factory will start in the first quarter of 2026. This factory will offer almost 250 jobs. Installation of equipment, test production for functionality tests, factory certification and personnel training will take place in the year 2025.
Midsummer and the EU Innovation Fund have officially finalized their negotiations and inked the grant agreement. This agreement encompasses various aspects, including the project’s construction timeline, grant disbursement schedule, counter-financing requirements, and more.
The EU Innovation Fund’s grant covers roughly half of the necessary counter-financing. Midsummer is actively exploring diverse avenues for the remaining funding, which could encompass a blend of capital injection, loans, and potential public financing options.
Midsummer’s ambitious long-term objective is to ramp up its production to exceed 1 GW by 2030.
Notably, the EU Innovation Fund ranks among the globe’s largest financing initiatives dedicated to supporting cutting-edge technologies that actively contribute to greenhouse gas emissions reduction. Specifically, this grant will fuel the establishment of a manufacturing facility in Sweden, focusing on the production of Midsummer’s innovative CIGS thin film solar cells. These solar cells are characterized by their slim, lightweight, flexible nature and boast an exceptionally low environmental footprint. They are exceptionally well-suited for installation on European rooftops unable to bear the weight of traditional silicon solar panels. Furthermore, they cater to the growing number of organizations committed to achieving climate neutrality in their operations.