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.