Dutch investment fund Teslin Participaties has joined Fortescue Future Industries (FFI) in providing growth capital to HyET Solar, a Dutch developer of flexible and lightweight solar photovoltaic (PV) technology.
Arnhem-based HyET Solar is the manufacturer of Powerfoil, a lightweight, fully flexible, thin-film solar PV module that is especially suitable for low-load and curved surfaces, including the roofs of distribution centres, football stadiums and gas stations. The firm hopes that the product will reach disruptive cost levels through the scale-up of its patented roll-to-roll production process.
According to a recent announcement, Teslin and FFI will actively support HyET Solar in the roll-out of a PV factory in the Netherlands with a planned annual production capacity of at least 40 MW. The two investors will also assist the business in achieving future growth, with a priority option being an initial public offering (IPO) on a major stock exchange in a few years.
FFI, which is the green energy business of Australian iron ore company Fortescue Metals Group Ltd (ASX:FMG), has been an investor in HyET Solar since mid-2020. The new transaction will increase FFI’s minority shareholding in the firm. It anticipates HyET Solar’s technology to be used in the production of green hydrogen.
"Fortescue Future Industries is focused on delivering 15 million tons per year of green hydrogen globally by 2030. [...] We are working with HyET Solar to ensure we have the best and most efficient solar technology at our fingertips to generate the level of green hydrogen the world needs. Already we have a memorandum of understanding in place with E.ON to supply Germany with 5 million tons per annum by 2030,” commented Julie Shuttleworth, CEO of FFI.
(USD 1.0 = EUR 0.928)
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