Heliatek, a world leader in organic photovoltaic and a manufacturer of solar films, has put together an €80 million ($88 million) round to finance the expansion of its HeliaFilm® manufacturing capacity by one million m² p.a..
This round comprises €42 million in equity, €20 million in debt and about €18 million in subsidies.
“We are very excited to have successfully completed this financing round. This allows us to strengthen our world leadership in organic solar film and to accelerate our expansion. We will continue to lead the way in enabling distributed energy generation on industrial and commercial buildings” stated Thibaud Le Séguillon, Heliatek CEO.
“We will follow our strategy by expanding the BIOPV – Building Integrated Organic Photovoltaic - market through supplying large quantities of our HeliaFilms® to our customers in the building and construction material field” he added.
The Series D financing round is led by innogy SE, one of the leading European energy companies. New investors also include ENGIE, BNP Paribas and CEE Group, an investment company of Lampe Equity Management specialized in renewable energy.
The existing investors, AQTON, BASF, eCAPITAL, High-Tech Gründerfonds, Innogy Venture Capital, TUDAG and Wellington Partners, participated in this round.
Peter Terium, CEO of innogy SE, underlines: “I am really pleased that Heliatek is a true success story. We have continually invested in Heliatek since 2009. Thanks to our early engagement, we have the opportunity to participate in creating the market for one of the most exciting innovations in the area of renewable energies.”
The European Investment Bank, under the “InnovFin – EU Finance for Innovators” program, granted a €20 million loan to Heliatek. This program is a joint initiative launched by the European Investment Bank in cooperation with the European Commission under Horizon 2020.
“The EIB is committed to support innovation in Europe. Loans to innovative midcaps like Heliatek are key to drive Europe’s knowledge economy”, emphasized EIB Vice President Ambroise Fayolle, who is responsible for EIB’s business in Germany.
The company has applied for the newly developed “KETs Pilot Lines project” technology and innovation funding scheme offered by the State of Saxony and financed by the European Regional Development Fund (ERDF).
Grants up to €18 million over the duration of the project can be expected. Minister President Tillich highlighted: “Heliatek is the perfect example of the innovation power of the Saxon economy.
My government is convinced of the economic potential and further technological development opportunities of not only the company but the entire field. Saxony is one of the leading regions in the field of Photonics.”
Heliatek plans to install its new manufacturing roll-to-roll facility on its site in Dresden over the next 18 months. It will offer a capacity of one million m² p.a. of solar films when fully ramped up.
The company will continue in parallel its worldwide roll out of its HeliaFilm® products to the building material and the automotive industry. These expansions should create more than 50 new high-tech jobs in Saxony.
Heliatek was advised by Rothschild Global Advisory on this transaction.