Swedish solar energy technology leader Midsummer reported sales for 2018 of SEK 244m with an EBITDA of SEK 57m. The sales growth (CAGR) during 2014-2018 amounted to 97 percent. During 2018, Midsummer received orders totaling SEK 265m. The strong business momentum during 2018 was mainly driven by the increasing demand for Midsummer's innovative products in the US market.
In order to capitalize on the strong momentum, Midsummer has mandated DNB Markets and Nordea as joint arrangers for a potential four year, SEK denominated, senior unsecured green bond issue. The green bond will have a framework of SEK 500m. The net bond proceeds from the issue will be used in line with the green bond framework dated 22 March 2019 and will include (i) production and distribution of solar panels and solar cells; (ii) production of solar panel manufacturing equipment; and (iii) research and development of solar panels, solar cells and solar panel manufacturing equipment. To confirm that the framework is aligned with the 2018 version of the ICMA Green Bond Guidelines Midsummer has engaged Sustainalytics to provide a Second Party Opinion. DNB Markets and Nordea have acted as structurers of the framework.
Huge global potential for building integrated photovoltaics
"Midsummer is firmly established as the leader in the development and supply of energy-efficient thin film solar cells, ideal for the booming urban BIPV (building integrated photovoltaics) market," said Sven Lindström, CEO, Midsummer. "Considering the strongly increasing demand for our solutions and the still huge global potential for BIPV, we wish to accelerate production capacity, sales channels and growth in order to faster and on a grander scale being able to install large volumes of flexible solar panels on all the markets that we target."
"This includes evolving our business model from mainly selling manufacturing equipment to also include considerably increased in-house production of solar panels for the end market, and the establishment of a network of contract manufacturers."
Midsummer's DUO system has taken the position as the most widespread manufacturing tool for flexible thin film solar cells in the world. Midsummer is today the world leader in being able to produce light, flexible, robust thin film solar panels with high-energy efficiency.
For photos of thin film CIGS solar cells and the Midsummer manufacturing equipment, please go to https://midsummer.se/press/media-gallery or contact Mr Lindström.
For additional information please contact:
Sven Lindström
CEO, Midsummer AB
Email: sven.lindstrom@midsummer.se
Phone: +46 (0) 8 525 09 610
About Midsummer
Midsummer is a leading developer and supplier of advanced solar energy technology solutions for the production and installation of thin film solar panels. Its business offering includes equipment for cost-effective manufacturing of thin film solar cells as well as building-integrated photovoltaic (BIPV) solutions for the application of thin film solar cells on buildings (facades, roofs etc.). Midsummer's thin film solar modules are light, flexible, durable and highly efficient and therefore ideal for distributed renewable energy projects. Midsummer's proprietary technology is based on a rapid process for the production of flexible thin film solar cells using sputtering of all layers of the solar cell. The Company's share (MIDS) is traded on Nasdaq First North Stockholm with G & W Fondkommission as Certified Adviser, phone: +46 (0)8-503 000 50, email: ca@gwkapital.se. For more information, please visit: www.midsummer.se
IMPORTANT INFORMATION
This information is information that Midsummer AB (publ) is obliged to disclose under the EU Market Abuse Regulation. The information was provided, through the contact of the above contact person, for publication at 08:30 CET on March 26 2019.
