April 13 (Renewables Now) - Swedish solar technology company Midsummer AB doubled its profits and revenues in 2017 thanks to new orders for flexible CIGS machinery and “a positive market response” to its newer solar roofing offering.
The profit before tax for the year jumped by 135% to SEK 24.5 million (USD 3m/EUR 2.4m), while revenues were up by 94% to SEK 115 million.
Midsummer says its DUO system is the most widely spread manufacturing tool for flexible CIGS, or copper indium gallium (di)selenide, solar cells globally. The building-integrated photovoltaics (BIPV) metal roof systems, on the other hand, launched successfully in 2017 in partnership with Swedish Metal roofing company Clix Steel Profile AB.
The company’s CEO, Sven Lindstroem, said Midsummer expects to double the number of employees this year.
“We see a continued high demand for our products and the order outlook for 2018 is very promising, both for DUO manufacturing systems and for deliveries of solar panels,” Lindstroem said.
(SEK 10 = USD 1.18/EUR 0.96)