Investment in HyET Solar boosts solar manufacturing industry

As an impact investor, Invest-NL is committed to a sustainable and innovative Netherlands. We believe in the potential of local, sustainable energy solutions and see HyET Solar as a pioneer in this transition. Their technology offers a promising alternative to traditional solar panels and is an excellent example of how Dutch innovation can contribute to sustainability goals. Moreover, this investment is in line with the recent allocation from the National Growth Fund to the Dutch solar manufacturing industry, of which HyET Solar is a part.

Invest-NL recently published a reporton the potential of the solar manufacturing industry in the Netherlands and Europe. HyET solar's product line is an example of the opportunities and benefits of local production and raw materials.

New production line in Arnhem

The €14.5 million invested by Invest-NL makes it possible for HyET Solar to accelerate the production of the solar film. This light, flexible, and durable solar film is made from abundant amorphous silicon, offering a more environmentally friendly alternative to traditional solar panels. The funds will be used to set up the final phase of a 40 MWp production facility in Arnhem. This allows HyET Solar to facilitate the transition to more sustainable energy solutions in the Netherlands and beyond. The next step for HyET Solar is the international scale-up of its production capacity. With the construction of a 300 MWp production line and plans for an IPO within two years, the company is experiencing serious growth.

Venture debt as an instrument

Invest-NL is proud to use venture debt as a financing instrument for the first time. This enables scale-ups such as HyET Solar to achieve growth without substantial dilution of existing shareholders. It shows that we want to be flexible and innovative in the way we support the energy transition and technological innovation in the Netherlands.

Wouter van Westenbrugge, senior investment manager at Invest-NL: “With our contribution of € 14.5 million in the form of venture debt, we from Invest-NL underline the strength and potential of the strong Dutch consortium behind HyET Solar. This investment is an important step in reshoring solar production to the Netherlands and Europe. Furthermore, it sets the tone for a more sustainable, material-efficient future in the solar energy sector.”