Gimv, Capricorn Cleantech Fund and SFPI-FPIM jointly subscribe to a EUR 5.4 million capital increase of NovoPolymers NV
With this capital increase, NovoPolymers NV will accelerate its innovation roadmap and internationalization in the global solar industry.
NovoPolymers is a unique, innovation driven company specialized in the design and conversion of polymer formulations into photovoltaic encapsulant sheets. Encapsulants are a critical and crucial component of crystalline silicon as well as thin-film based photovoltaic modules.
NovoPolymers has recently developed a new range of innovative encapsulants for Photovoltaic (PV) modules offering cost optimization and other benefits such as significant more power output next to increased durability. The new products are either already launched (NovoVellum® MF01, NovoVellum® FW01) or are under scrutiny in IEC certification tests with preferred partners. With the substantially enlarged product offering the company is taking now the first steps on its global expansion with a prime focus on Asia.
With this capital round, the shareholders’ consortium has been extended with a new, financially strong investor,being SFPI-FPIM (Société Fédérale de Participations et d'Investissement - Federale Participatie- en Investeringsmaatschappij), whilst existing investors Gimv and Capricorn Cleantech Fund committed further support to the growth of the company. Adding SFPI-FPIM as an investor is a significant milestone in the establishment of NovoPolymers as a trend setting player in the global photovoltaic industry. On top of the EUR 5.4 million capital increase, SFPI-FPIM also made available extra funds to specifically support NovoPolymers’ strive to create a strong presence in Asia.
Founded in 2008, NovoPolymers developed its first formulations and created a first industrial footprint in Europe in 2010. NovoPolymers supplies both crystalline and thin film module manufacturers with its products. During 2011, the company achieved its first sales outside Europe.
“We are in a sense unique amongst the top 4-5 encapsulant suppliers with our innovative portfolio as well as our production platform. In fact, we are the only company who offers a multilayer encapsulant solution that combines enhanced functionality, higher output and cost control, whilst not compromising the quality,” says Johan Declerck, founder and CEO of NovoPolymers.
Johan De Ketelbutter, of the SFPI-FPI, on this transaction: “The vision of continuous innovation in combination with smart cooperation with strong partners who already demonstrated to have winning sustainable business models in the photovoltaic industry, whilst cherishing the human capital and choosing for a European headquarters in Belgium is a model that we subscribe and fully support.”
“It is quite remarkable to see in a start-up company such a broad pallet of innovative and industrialial know-how. We are happy to further support the ambitious management team in the global expansion of the company,” adds Bart Diels, partner at Gimv.
“In close collaboration with its customers, Novopolymers is offering further improvements to the performance of photovoltaic modules, hereby reducing the unit cost per Watt-peak. Only continuous technology improvements will ensure that photovoltaic technology will play a significant role in a sustainable energy future,” says Steven Levecke, Investment Manager at Capricorn Cleantech Fund.