UPDATE - Innogy ups stake in solar films maker Heliatek to 20%

Innogy SE, the new renewables, grids and retail subsidiary of German energy group RWE (ETR:RWE), said today it is now the largest investor in flexible solar films maker Heliatek GmbH, after doubling its stake.

Innogy confirmed it has participated in a Series D financing round in which it bought enough Heliatek shares to raise its stake to 20% from 9%. Earlier in the day, Heliatek said it has secured some EUR 80 million (USD 89m) in financing, including EUR 42 million from the Series D round, a EUR-20-million loan from the European Investment Bank (EIB) and up to EUR 18 million of grants under a technology and innovation funding scheme.

Other participants in the financing round include Engie, BNP Paribas, CEE Group, AQTON, BASF, eCAPITAL, HTGF, Innogy Venture Capital, TUDAG and Wellington Partners.

The RWE unit did not mention the exact amount it has invested. Last month, Innogy announced a deal to acquire Belectric Solar and Battery Holding GmbH, part of compatriot Belectric Group, at a price "in a high double-digit million euro range".

Heliatek is a German company that specialises in organic photovoltaic (PVs) for the building material and the automotive industries. It plans to use the fresh capital to expand its annual manufacturing capacity for the HeliaFilm flexible solar film by 1 million sq m. The plan involves installing a new production roll-to-roll facility on its existing site in Dresden over the next 18 months, it said.

(EUR 1.0 = USD 1.115)

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