Midsummer’s revenue grows 90% in 2018

Midsummer AB of Järfälla, near Stockholm, Sweden – a provider of turnkey production lines as well as flexible, lightweight copper indium gallium diselenide (CIGS) thin-film solar panels for building-integrated photovoltaics (BIPV) – has reported revenue of SEK53m in fourth-quarter 2018. This took full-year revenue to SEK218.2m ($23.7m, €20.9m), up 90% on SEK115m ($12.7m, €11.2m) in 2017.

“2018 was our best year so far,” notes CEO Sven Lindström. “We’ve had a fantastic order intake and can present our best sales and result figures ever,” he adds.

Fourth-quarter 2018 operating profit was SEK5m. This took full-year operating profit to SEK36m ($3.9m, €3.45m) in 2018, up from SEK25m ($2.8m, €2.4m) in 2017.

Total order intake for 2018 was a record SEK264.5m ($29m, €25.4m), driven mainly by increasing demand for end products in the US market (specifically California and southwestern USA), where solar panel manufacturing partner Sunflare of La Verne, CA, USA has released several new products.

In addition, to expand its production capacity, an existing customer has since placed a follow-up order for production equipment worth about SEK64m.

“The expansion of our organization continues, and during the first quarter of the year we have begun moving in production equipment in our new premises near the existing premises near Stockholm,” says Lindström. “This opens up space for increased production of our DUO machines and for our in-house manufacturing of cells and modules.”

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Midsummer’s record orders in 2018 driven by California and southwest US markets

Tags: CIGS Thin-film PV

Visit: www.midsummer.se