Amsterdam-based Invest-NL, an impact investor, announced on Tuesday that it has invested €14.5M in venture debt in HyET Solar as part of a total investment round of €29M.
HyER Solar says it will use the funds to scale up its innovative thin film solar foil. The funds will be used to set up the final phase of a 40 MWp production facility in Arnhem.
The next step for HyET Solar is to scale up its production capacity internationally with a 300 MWp production line and plans for an IPO within the next two years.
HyET Solar: Developing silicon-based solar modules
Based out of Arnhem, the Netherlands, HyET Solar develops and produces low-cost and efficient solar PV modules (Powerfoil) that are lightweight and flexible.
The product is made from abundant amorphous silicon, offering an environmentally friendly alternative to traditional solar panels.
It aims to reduce the cost of solar power and is targeting a cost structure for modules of $100k/MW.
The module can be used in various applications, covering a wide span ranging from low-cost utility-scale power plants to integrated high-end architectural solutions.
HyET Solar is part of the HyET Group, which aims to develop technologies that enable commercially viable large-scale implementation of renewable and decentralised energy generation and distribution.
Invest-NL
Invest-NL is an Amsterdam-based private company financed with public funds. Its aim is to make the Netherlands more sustainable and innovative. The government (Ministry of Finance) is the company’s shareholder, but Invest-NL decides which companies it will or will not finance.
Wouter van Westenbrugge, Senior Investment Manager at Invest-NL, says, “With our contribution of €14.5M in the form of venture debt, we from Invest-NL underline the strength and potential of the strong Dutch consortium behind HyET Solar. 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.”
