HyET Solar raises €29M and eyes IPO

HyET Solar has raised 29 million euros to complete the 40-megawatt peak (MWp) thin-film solar panel production facility at its home base in Arnhem. Ahead of a planned IPO within two years, the company is also preparing for international scale-up manufacturing capacity with the construction of a 300 MWp production line.

Called Powerfoil, HyET’s product consists of polymer-encapsulated amorphous and microcrystalline silicon layers to make a 0.5-millimeter thick foil. Its main advantages compared to mainstream silicon solar cells are lower production costs and the lightweight and flexible nature, expanding the application range. The conversion efficiency is 12 percent, but because the foil performs better in diffuse light conditions or partial shading and at higher temperatures, HyET claims its product’s performance is equivalent to 18 percent efficiency for glass solar panels.

The capital was provided by public investment bank Invest-NL and an undisclosed investor. The investment likely complements one in May from real-estate company De Engh/Newomij and “a respected family business.”