Germany: Heliatek raises EUR 80 million to finance large manufacturing expansion and support worldwide market development
21 September 2016
Heliatek, a world leader in organic photovoltaic and a manufacturer of solar films, has put together an EUR 80 million ($88 million) round to finance the expansion of its HeliaFilm® manufacturing capacity by one million m² p.a. This round comprises EUR 42 million in equity, EUR 20 million in debt and about EUR 18 million in subsidies.
“We are very excited to have successfully completed this financing round. This allows us to strengthen our world leadership in organic solar film and to accelerate our expansion. We will continue to lead the way in enabling distributed energy generation on industrial and commercial buildings” stated Thibaud Le Séguillon, Heliatek CEO. “We will follow our strategy by expanding the BIOPV – Building Integrated Organic Photovoltaic - market through supplying large quantities of our HeliaFilms® to our customers in the building and construction material field” he added.
The Series D financing round is led by innogy SE, one of the leading European energy companies. New investors also include ENGIE, BNP-Paribas and CEE Group, an investment company of Lampe Equity Management specialized in renewable energy. The existing investors, AQTON, BASF, eCAPITAL, HTGF, Innogy Venture Capital, TUDAG and Wellington Partners, participated in this round. Peter Terium, CEO of innogy SE, underlines: “I am really pleased that Heliatek is a true success story. We have continually invested in Heliatek since 2009. Thanks to our early engagement, we have the opportunity to participate in creating the market for one of the most exciting innovations in the area of renewable energies.”
The European Investment Bank, under the “InnovFin – EU Finance for Innovators” program, granted a EUR 20 million loan to Heliatek. This program is a joint initiative launched by the European Investment Bank in cooperation with the European Commission under Horizon 2020. “The EIB is committed to support innovation in Europe. Loans to innovative midcaps like Heliatek are key to drive Europe’s knowledge economy”, emphasized EIB Vice President Ambroise Fayolle, who is responsible for EIB’s business in Germany.
Carlos Moedas, EU Commissioner for Research, Innovation and Science said: "Germany is among the world leaders in photovoltaic production, and the research community for photovoltaics in Europe is growing fast across the EU. This €20 million loan supported under Horizon 2020, the EU's research funding programme, illustrates how the public and the private sector collaborate to keep Europe in a leading role when it comes to energy security and sustainable development."
The company has applied for the newly developed “KETs Pilot Lines project” technology and innovation funding scheme offered by the State of Saxony and financed by the European Regional Development Fund (ERDF). Grants up to EUR 18 million over the duration of the project can be expected. Minister President Tillich highlighted: “Heliatek is the perfect example of the innovation power of the Saxon economy. My government is convinced of the economic potential and further technological development opportunities of not only the company but the entire field. Saxony is one of the leading regions in the field of Photonics.”
Heliatek plans to install its new manufacturing roll-to-roll facility on its site in Dresden over the next 18 months. It will offer a capacity of one million m² p.a. of solar films when fully ramped up. The company will continue in parallel its worldwide roll out of its HeliaFilm® products to the building material and the automotive industry. These expansions should create more than 50 new high-tech jobs in Saxony.
Heliatek was advised by Rothschild, Global Financial Advisory, on this transaction.
Heliatek is a leader in the field of Organic Electronics Energy, holding the world record efficiency of 13.2%. Through both its leading edge material development and its proven capability for volume manufacturing, Heliatek is the first company to begin commercialization of large area OPV solar film. Its business model is to supply the custom-designed HeliaFilm® to partners in industries such as building and construction materials, automotive and light architectural structures. Heliatek maintains a total staff of some 85 specialists at its facilities in Dresden and Ulm, Germany.
Investors in Heliatek include leading industrial and financial companies such as BASF, HTGF, Innogy Venture Capital, Wellington Partners, eCAPITAL and AQTON SE. New investors include innogy SE, ENGIE, BNP Paribas and CEE Group. Research and development work, as well as the installation of production technology, have been funded by the Free State of Saxony, the Federal Republic of Germany and the European Union.
HeliaFilm is a registered trademark of Heliatek GmbH.
About innogy SE
innogy SE is an established European energy company. With its three business segments Grid & Infrastructure, Retail and Renewables, it addresses the requirements of a modern, decarbonised, decentralised and digital energy world. The focus of innogy’s activities is on offering existing and potential customers innovative and sustainable products and services which enable them to use energy more efficiently and improve their quality of life. The key markets are Germany, the United Kingdom, the Netherlands and Belgium as well as several countries in Central Eastern and South Eastern Europe, especially the Czech Republic, Hungary and Poland. In renewable power generation, the company is also active in other regions, e.g. Spain and Italy. The subsidiary of RWE AG started operations on 1 April 2016. The innogy brand name is a symbiosis of the terms innovation, energy and technology.
Based on the combined financial statements for 2015, the company achieved a revenue of around EUR 46 billion and an EBITDA of EUR 4.5 billion. The company is expected to employ around 40,000 out of a total of around 60,000 employees of the RWE Group once the restructuring process has been completed.
BNP Paribas (www.bnpparibas.com) is a leading bank in Europe with an international reach. It has a presence in 75 countries, with more than 189,000 employees, including more than 146,000 in Europe. The Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its integrated retail-banking model in Mediterranean countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Institutional Banking and International Financial Services activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.
CEE based in Hamburg, is a company specializing in renewable energy investment company with 1.2 billion euros in assets under management. It will be placed in power generation projects primarily in the areas of wind energy and solar, as well as in appropriate technology companies equity investments. With innogy CEE formed a strategic partnership in the field of technology investments in young companies. Partner of CEE are few, based in Germany, institutional investors and family offices that have long-term interest in the renewable energy market. CEE is led by the Bankhaus Lampe KG belonging Lampe Equity Management GmbH, which has more than ten years’ experience in the financing of renewable energy.
ENGIE develops its businesses (power, natural gas, energy services) around a model based on responsible growth to take on the major challenges of energy’s transition to a low-carbon economy: access to sustainable energy, climate-change mitigation and adaptation and the rational use of resources. The Group provides individuals, cities and businesses with highly efficient and innovative solutions largely based on its expertise in four key sectors: renewable energy, energy efficiency, liquefied natural gas and digital technology. ENGIE employs 154,950 people worldwide and achieved revenues of EUR 69.9 billion in 2015. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, DJSI World, DJSI Europe and Euronext Vigeo (Eurozone 120, Europe 120 and France 20).
Under Horizon 2020, the EU research programme for 2014-20, the European Commission and the European Investment Bank Group (EIB and EIF) have launched a new generation of financial instruments and advisory services in 2014 to help innovative firms access finance more easily. Until 2020, "InnovFin – EU Finance for Innovators" offers a range of tailored products which will make available more than EUR 24bn of financing support for research and innovation (R&I) by small, medium-sized and large companies and the promoters of research infrastructures. This finance is expected to support up to EUR 48bn of final R&I investments.
Backed by funds set aside under Horizon 2020 and by the EIB Group, InnovFin financial products support R&I activities, which by their nature are riskier and harder to assess than traditional investments, and therefore often face difficulties in accessing finance. All are demand-driven instruments, with no prior allocations between sectors, countries or regions. Firms and other entities located in EU Member States and Horizon 2020 Associated Countries will be eligible as final beneficiaries.
InnovFin MidCap Growth Finance offers long term senior, subordinated loans or mezzanine loans, in order to improve access to finance mainly for innovative larger midcaps (up to 3000 employees), but also SMEs and small midcaps. Loans from EUR 7.5m to EUR 25m will be delivered directly by the EIB.
The EIB provides a EUR 25 million loan to Doppelmayr Seilbahnen GmbH, member of the Austrian Doppelmayr Group, being a world leader in the manufacturing and installation of ropeways, to finance investments aimed at consolidating the existing product and development of new applications based on the existing know-how.
The European Investment Bank (EIB) has granted Novabase a EUR 14 million loan for financing its solutions RDI investments. This is the first EIB transaction in Portugal supported by “InnovFin – EU Finance for Innovators”, with the financial backing of the European Union under Horizon 2020 Financial Instruments. “InnovFin MidCap Growth Finance” is specifically dedicated to improving access to risk finance for research and innovation projects of midcaps and SMEs companies in the European Union.
The European Investment Bank (EIB) is providing a EUR 20 million loan to high-tech engineering company Manz AG. The funds are being made available for the company’s research and development (R&D) in the area of sustainable and cost-efficient power generation. The financial support is being made accessible through a new financial instrument that takes into account the specific requirements of midcap companies in the field of R&D financing. This is a joint initiative by the EIB and the European Commission.