French chemical manufacturer Armor Group has acquired a 20% stake in PV manufacturing startup Holosolis.
Neither Armor Group nor Holosolis disclosed the amount of investment. After the acquisition, Armor Group will have a seat on the supervisory board alongside other shareholders including EIT InnoEnergy, IDEC group and TSE.
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Armor Group claimed that its expertise in thin-film technology can help accelerate the development of perovskite-silicon tandem solar cells. The group’s experience in the French, German and wider European markets can also support Holosolis’ commercial development.
“After concentrating our efforts for several years on organic solar cells, which has proved to be a very promising but still immature technology, we have decided to focus our efforts on new-generation modules, because solving the climate crisis cannot wait and the need to act is urgent,” said Hubert de Boisredon, CEO of Armor Group.
Holosolis chairman Jan Jacob Boom-Wichers said Armor Group’s vision could help strengthen Holosolis’ business, as Holosolis aims to rebuild a French and European solar PV industry “capable of responding to the power of China”.
Holosolis announced plans to build a 5GW solar module assembly plant in France in May. The plant will be located in the northeast of France in Sarreguemines, close to the German border. Commercial production will start in 2025, with full capacity to be reached in 2027.
After the announcement of the plan, Holosolis signed a strategic collaboration agreement with German research organisation Fraunhofer ISE to support the setup of its PV production line in France. The collaboration aims to build cost-effective and efficient PV modules in Europe, based on tunnel oxide passivated contact (TOPCon) solar cells. Fraunhofer ISE will support the startup in selecting the technology and planning the factory at the concept design and construction phases.
German technology group and PV component manufacturer Heraeus acquired an undisclosed stake in October. Heraus said that it will supply Holosolis with its silver metallisation pastes, a key component in the manufacturing of solar cells.