The global green energy company FFI and the Dutch investment fund Teslin Participaties have provided growth capital to the Dutch company HyET Solar, a leader in flexible and lightweight solar PV technology which has the potential to accelerate the global energy transition.
HyET Solar produces Powerfoil, a lightweight, fully flexible, thin-film solar PV module. Its low weight and flexible nature make it especially suitable for low-load and curved surfaces, not reachable by traditional glass solar PV modules. Through Powerfoil, HyET Solar aims to deliver clean and abundant solar energy at low-cost and at a global scale and contribute meaningfully to the global energy transition. The investment by FFI and Teslin will enable HyET to accelerate towards reaching their goal.
The product only uses abundant and non-toxic materials, resulting in very low ecological footprint, high recyclability, and an energy payback time of only a few months. Through the scale-up of its patented roll-to-roll production process, and the roll-out of a robust R&D roadmap, Powerfoil has the potential to reach disruptive cost levels.
Global green energy company Fortescue Future Industries (“FFI”) initially invested in HyET Solar mid2020, and also provided additional capital this round by co-investing alongside Teslin Participaties. FFI aims for the clean and low-cost power generated by Powerfoil to contribute to FFI producing millions of tons of cost competitive green hydrogen by 2030, to support the sustainability targets of its parent company Fortescue and the worldwide energy transition.
The other shareholders in HyET Solar are SuperNova Technologies NV (the founding partner of the HyET Solar), and Royal Vopak of Rotterdam, The Netherlands. All parties have agreed to the terms of this transaction.
Rombout Swanborn, founder and director of HyET Solar: “The HyET Group of companies aims to develop, manufacture and sell innovative key technologies that will accelerate the energy transition. HyET Solar has the ambition to manufacture at large scale very low-cost PV products offering innovative application possibilities. HyET Solar products are light weight, flexible and based on Thin Film Silicon and Perovskite technologies. With the investments of Teslin Participaties and FFI, two powerful and complementary strategic partners, HyET Solar finds itself in a very attractive position to rapidly roll out its business worldwide.”
Julie Shuttleworth, CEO of FFI: "Fortescue Future Industries is focused on delivering 15 million tons per year of green hydrogen globally by 2030. Green hydrogen is the only form of hydrogen that helps tackle climate change. We are working with HyET Solar to ensure we have the best and most efficient solar technology at our fingertips to generate the level of green hydrogen the world needs. Already we have a memorandum of understanding in place with E.ON to supply Germany with 5 million tons per annum by 2030. We invested in HyET in 2021 and we are already seeing growth in the value of this investment."
Jan-Jaap Bongers, fund manager of Teslin Participaties: “Global climate change is one of the biggest challenges of our time and the time to act is now. We believe cheap green electricity presents one of the keys to solve this challenge, either by using it directly, or in the production of large-scale green hydrogen. Powerfoil has the potential to deliver abundant green solar powered electricity at record low cost and at industrial scale. Our investment in HyET Solar fits our ESG investment philosophy and will be part of our portfolio consisting of other ESG focused shareholdings in Ebusco, Accsys and NX Filtration amongst others. We look forward to working with HyET Solar and supporting them in accelerating the roll-out of the solar PV factory, their growth process and realizing a listing on Euronext Amsterdam in a few years.”
HyET Solar develops and produces low cost and efficient solar PV modules (Powerfoil) that are lightweight and flexible. It aims to drastically reduce the cost of solar power and is targeting a cost structure for modules of $100k/MW. The application possibilities cover a wide span, ranging from lowcost utility scale powerplants to integrated high end architectural solutions. HyET Solar is part of the HyET Group, which aims to develop technologies that enable commercially viable large scale implementation of renewable and decentralized energy generation and distribution.
Fortescue Future Industries (FFI) is a global green energy company committed to producing zero-carbon green hydrogen from 100 per cent renewable sources. FFI is leading the green industrial revolution, developing technology solutions for hard-to-decarbonise industries, while building a global portfolio of renewable green hydrogen and green ammonia projects to produce 15 million tons per year of green hydrogen by 2030, rising to 50 million tons per year in the decade thereafter. FFI is also leading the world effort to decarbonise hard-to-abate sectors and is responsible for the decarbonisation of one of the biggest resources companies in the world by 2030 – our parent company Fortescue Metals Group
Teslin Participaties is an investment fund managed by Teslin Capital Management. Teslin Participaties invests in promising Dutch small and medium sized companies. Based on fundamental analysis, Teslin Participaties selects companies with a competitive edge active in attractive markets and a proper corporate governance structure. Teslin Participaties focuses on responsible and sustainable value creation in the long-term and acts as an active and involved shareholder. For more information, please visit: www.teslin.nl.