Norwegian solar cell manufacturer Innotech Solar has received a funding boost in the form of an investment of NOK 51.7 million (approx. US$9.25 million) from Norwegian investment firm Investinor. This is in addition to recent employee investments that total NOK 2.3 million (just over US$410,000), which, in conjunction with Investinor’s recent offer, will be used to further Innotech’s cell efficiency enhancements.
Innotech acquires low-efficiency solar cells from other manufacturers and upgrades them for use in the company’s products. The company’s production line in Narvik is scheduled to reach a volume of 27MWp by the end of 2010, with further capacity expansions in the pipeline. This development is supported by Innovation Norway and Forskningsrådet (The Research Council of Norway).
Established in 2008, Innotech has headquarters and production facilities in Narvik, administration and technology offices in Oslo, sales offices in Germany and China, and project development for power plants in Switzerland.