The recently signed LOI’s equate to 107 MW solar cells which can be compared with the company’s annual production capacity of 2 MW at the existing Swedish factory and 50 MW at the Italian factory in Bari that is expected to commence production in 2023.
Midsummer has previously signed agreements with three Italian building material and roof manufacturing companies for 15 MW per year for five years, 75 MW in total, which is nearly a third of the factory’s annual capacity. This means that Midsummer has now signed LOI’s and agreements for the supply of 182 MW solar cells.
The company recently announced plans to raise capital for the setup of a new factory in Sweden for an initial 20 MW production and eventually 200 MW annual production capacity The long-term goal is at least 1,000 MW annual production capacity by the year 2030, which would require several mega-factories around Europe.
Midsummer's thin film solar cells are produced with machinery developed in-house. The company owns the entire value chain and the technology, processes and businesses are commercially proven after decades of experience as a manufacturer of unique production lines as well as solar panels and solar roofs.
The company’s CIGS solar cells require no silicon, no aluminium frames and no glass encapsulation, which, together with efficient material consumption, production and installation, has created the world's most environmentally friendly way of producing electricity known today with a climate footprint that is only one-tenth that of silicon panels.
“It is clear proof of a super strong demand for our attractive and sustainable products that we in such a short time span can sign so many large offtake agreements for the future delivery of solar cells and it validates our aggressive growth plans” said Midsummer’s CEO Sven Lindström. “We are in various stages of LOI talks with other industry players than the ones announced today, in an effort to reach much larger sales volumes. The market for our products is enormous and grows rapidly. We have a number of competitive advantages that will be even stronger as we scale up. An increasing number of customers are looking at the total climate footprint. Midsummer's products have up to 90 percent lower climate footprint over a life cycle than traditional panels, and lower than even wind and hydropower. Together with our other advantages in appearance, weight, durability, ease of installation without a mounting system and installed power per roof, it becomes an unbeatable offer.”
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