Invest-NL has invested €14.5 million in venture debt in HyET Solar BV as part of a total investment round of €29 million. The Arnhem-based company develops solar foil. The investment round valued the company at between €100 million and €110 million.
New production line in Arnhem
The €14.5 million invested by Invest-NL will enable HyET Solar to accelerate the production of solar foil. This lightweight, flexible, and sustainable solar film is made from abundant amorphous silicon and thus offers a more environmentally friendly alternative to traditional solar panels, according to its creators.
The funds will be used to set up the final phase of a 40 MWp production facility in Arnhem. This will allow HyET Solar to facilitate the transition to more sustainable energy solutions in the Netherlands and abroad. The next step for HyET Solar is to scale up its production capacity internationally. With the construction of a 300 MWp production line and plans for an IPO within two years, the company is experiencing serious growth.
It is the first time that sovereign wealth fund InvestNL has used venture debt as a financing instrument. This enables scale-ups like HyET Solar to achieve growth without substantial dilution of existing shareholders. According to the fund, it demonstrates "flexibility and innovation" in how it aims to support the energy transition and technological innovation in the Netherlands.
Hyet Solar is the continuation of the company once known as Helianthos, a subsidiary of Nuon. When the latter was acquired by Vattenfall, the new owner decided that developing solar PV was not a priority. The company was transferred to Swanborn in 2012. Today, Vopak co-owns it with Swanborn.
Source: Invest NL