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Valoe starts solar cell production in Lithuania

Valoe Corporation is a clean energy technology provider focusing especially on photovoltaic solutions.Shutterstock

Finnish company Valoe will initiate solar cell production in Lithuania after agreeing to acquire the solar cell production business of SoliTek, a subsidiary of Global BOD Group.

The purchase price will be 3.5 million euros provided that the new company to be founded in the divestment has a net debt and net working capital of zero euros when it changes hands.

Valoe is now looking to raise approximately five million euros in financing with the objective of modifying a plant located in Lithuania’s capital, Vilnius, to produce interdigitated back-contact (IBC) cells.

According to company CEO Iikka Savisalo, Valoe having its own solar cell production – in particular IBC cell production– was an lofty goal a couple of years ago.

“So far, this deal is the most important step for Valoe to meet its strategic goals,” he commented. “Now, Valoe has a chance to get to the same technology level with LG, Sunpower and Panasonic. We trust that we are able to compete in terms of both quality and price.”

Valoe will commence the modification of the new solar cell plant immediately with its German partner, International Solar Energy Research Center Konstanz. According to the Finnish company’s estimates, the plant will have an annual capacity of 60 megawatts that can be doubled with minor investments.

The deal is expected to be closed in May 2019 and is subject to regular conditions.

Published on 19.02.2019