Gimv and Capricorn Cleantech Fund invest € 4.2 million in NovoPolymers NV
Puurs, Belgium: 3 February 2011 - NovoPolymers is planning a further expansion of its Belgian plant, which produces NovoPolymers' proprietary polymer based encapsulation foils. This expansion should lead to a production capacity of 1 gigawatt-peak. Moreover, the company will further strengthen its organization and capital. To this end, NovoPolymers' existing shareholders Gimv and Capricorn Cleantech Fund (CCF) together invest € 4.2 million in the company's second financing round.
NovoPolymers (Belgium), which was founded in 2008, develops and produces innovative polymer based encapsulant films for the photovoltaic market. The films are suitable for the encapsulation of both crystalline and thin film cell technologies.
By means of a proprietary production process and formulations NovoPolymers introduced in 2010 two very competitive high performance encapsulant products. These foils have a number of advantages for the module manufacturer towards production efficiency and ease of application. During 2010 a 500 MWp equivalent plant was build and put in operation. The current expansion should double the production capacity, to reach 1 GWp by early 2012. A series of new encapsulant products, coming out of the R&D pipeline, will be marketed in the next months. To support its steep growth NovoPolymers is significantly investing in people to further strengthen R&D, operations and sales.
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