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ISOFOTÓN RECEIVES INVESTMENT SUPPORT OF EURO 50 MILLION FROM ANDALUSIAN GOVERNMENT AND SAMSUNG FOR THE COMPANY'S FACILITY IN MALAGA
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The Andalusian Government (Junta de Andalucía) approved today a 8.4M€ loan that adds to the 40M€ already invested by SAMSUNG.----- · This investment will contribute to position ISOFOTON as a global solar cell technology leader thanks to a new solar panel selective emitter production line to be set up at the Malaga facility.----- · The investment boost from partners like SAMSUNG and the confidence from the public sector demonstrate ISOFOTON's financial strength, technological quality and clear global position.
Submitted on 07/06/12, 11:31 AM
MALAGA, 03.07.2012.- ISOFOTON, a leader in solar energy solutions, received today the approval for an 8.4M€ loan from the Andalusian Government, which adds to the 40M€ already approved by Korean multinational SAMSUNG aimed at strengthening ISOFOTON's leadership in solar technology and the manufacturing of solar cells. The investment will allow positioning ISOFOTON at 20% solar efficiency and attain an annual production capacity of 300MW, a three-fold increase compared to only two years ago. As ISOFOTON's President Ángel Luis Serrano says: "The investment boost from partners like Korean giant SAMSUNG together with the confidence from the public sector demonstrated by the Andalusian Government shows ISOFOTON's financial strength, investment in technology and quality, and its clear global position. This investment is highly significant, as it positions us at the forefront of global technology, allowing us to compete in ever increasingly complex and new markets such as Asia, Latin America and the United States within a context of growing global demand".
The investment will be aimed at ISOFOTON's production facility located in Málaga's Andalusia Technology Park, which employs 800 workers. A new solar panel selective emitter cell production line will be set up at this facility. These selective emitter cells are characterized by their frontal face design that receives light, which allows improving the conversion capacity of the solar ultraviolet spectrum, thus increasing its efficiency. Having this type of cell available will allow positioning ISOFOTON modules among the world's most efficient, responding therefore to the rising demand of new photovoltaic markets. During 2011, ISOFOTON increased sales in terms of watt production by 10% and plans to sustainably increase its production capacity up to 1,500 MW in the next two years. ISOFOTON has achieved profits during two consecutive years. In 2011, profits increased to 7.74M€.
ISOFOTON's new facility in Ohio (US), to be inaugurated at the end of this year, will also benefit from this new investment. Cells will be assembled at this new facility, which comprise one of the key components that are essential to guarantee photovoltaic module efficiency. This strong investment will position ISOFOTON's Málaga and Ohio plants on the map as global manufacturing centers for this particular component, which is highly demanded in the solar industry. It will also entail significant advances in R&D for the company and will contribute to ISOFOTON's global development goals, which include increasing sustainably its production capacity up to 1,500 MW in the next two years.
Asian companies are showing strong interest in investing in solar energy and acknowledge the value of European photovoltaics, an industry where ISOFOTON accumulates 30 years of experience and a strong bet in technology. In order to compete in the global market and generate economies of scale, ISOFOTON will open a new plant in Ohio (US) and plans to open new plants in Latin America and Asia in the future to effectively supply local markets. Likewise and with the aim to respond to the current financial crisis in Europe and the United States, ISOFOTON has established important alliances with Asian investors and partners. A key collaboration agreement has recently been signed with GCL-Poly Energy Holdings Limited, a global leader in the processing and fabrication of polysilicon and silicon wafers and one of the largest green energy investors and producers in Asia. ISOFOTON has also signed strategic agreements with MERCEDES AMG PETRONAS and Posco Plan. Furthermore, in addition to being a large-scale investor, multinational SAMSUNG is also a renowned provider of EPC services globally as well as a photovoltaic module manufacturer, and, one of the largest global producers of semiconductors for the electronics industry, where silicon constitutes a key raw material.