Swedish solar energy technology company Midsummer had an initial public offering (IPO). The company’s shares are now listed on Nasdaq First North Stockholm. For the IPO, the company issued new shares valued at SEK100m [$11.5m; EUR9.8m] and the share offer was oversubscribed by 400 percent. The company develops and supplies of solutions for the production and installation of lightweight thin-film CIGS solar panels, including manufacturing systems and building integrated photovoltaic (BIPV) solutions.
“The listing opens an opportunity for global small and large investors to own shares in a highly innovative, fast-growing and profitable solar energy technology leader, and be part of the renewable energy revolution,” said Sven Lindström, CEO and co-founder, Midsummer. “The IPO also gives us financial muscles for our planned rapid expansion, including increased production capacity of the company’s flagship DUOthin film solar cell manufacturing system, as well as the launch of Clix by Midsummer– a PV integrated metal roof.”
Midsummer IPO Follows Record Financial Year (2017)
The IPO follows the company’s announcement of yet another record financial year (2017) during which revenues and profits doubled, as they did in 2016, mainly thanks to several new orders for the company’s compact DUO thin film solar cell manufacturing system.
The company claims that its DUO system has established itself as the most widely spread production tool for flexible CIGS solar cells. Last year, Midsummer started a strategic production partnership with the Swedish roof maker Clix for the launch of ‘Clix by Midsummer,’ a plug-&- play roofing system that integrates solar panels. The partnership adds a second business sector to Midsummer.