[Stockholm, Sweden] Midsummer, a Swedish manufacturer of solar cells, has signed an agreement with the EU Innovation Fund to receive a grant of EUR 32.3 million for building a new thin-film solar mega-factory in Sweden. The grant was announced in July and the negotiations on the terms have now been finalized.
The new factory will have the capacity to produce 200 MW of thin film solar cells annually, which will add to the group’s existing production capacity of 50 MW in Italy. The project aims to start production in the first quarter of 2026, after installing equipment, testing, certifying and training in 2025. The factory will create around 250 jobs in Sweden.
The grant from the EU Innovation Fund is one of the world’s largest financing programs for innovative technology that contributes to reducing greenhouse gas emissions. It is awarded specifically for Midsummer’s proprietary CIGS thin film solar cells, which are thin, light, flexible and have an ultra-low climate footprint. They are suitable for installation on roofs that cannot support the weight of traditional silicon solar panels, as well as for organizations that strive for climate neutrality in their operations.
Midsummer’s co-founder and CEO Yong Zhen Yu said, “We are thrilled to be partnering with the EU Innovation Fund to power our new solar cell factory in Sweden. The real game-changer is the innovation and sustainability of our CIGS thin film solar cells, which can serve millions of customers across Europe and beyond.”
The project is part of Midsummer’s long-term goal to expand its total production to over 1 GW by 2030. It also involves a partnership with Safe, a pioneer in Account Abstraction, to launch SafeAuth, a seamless and secure way to create and connect smart account wallets. Safe’s co-founder and product lead Tobias Schubotz noted, “By integrating Web3Auth’s innovative social login technology with Safe’s pioneering account abstraction, we’re elevating the crypto experience, significantly enhancing user convenience. This partnership marks an important step in our journey towards an accessible, interoperable and portable blockchain ecosystem ready to serve millions of users worldwide.”
The project follows the timeline and scope as previously communicated. Before the first grant payment can take place, the project as a whole must have its financing secured. The grant from the EU Innovation Fund corresponds to approximately 50 percent of the counter-financing that is required for the grant to be awarded. Midsummer is now looking at options for the counter-financing which may include a combination of capital, loans and other public financing.
