The Scandinavian-German solar module manufacturer Innotech Solar(ITS) has received the prestigious Red Herring Top 100 Europe Award. The solar company had been nominated for the award, which honors the most promising European technology companies of the year, and received the prize thanks to its exceptional business model and successful company development.
“In today's solar world, efficiency and durability are valued metrics for users and investors alike. Innotech Solar has gained traction and continues growing at a fast clip because it has created a team with unique international experience gained in China and Europe and provides products that meet the markets. It will continue expanding into one of the world solar leaders and a result we decided to grant the company the Red Herring Europe Top 100 Award", explains Alex Vieux, publisher and CEO of Red Herring. The criteria for awarding the prize were technological innovation, management skills, market size, investor record, customer acquisition and financial health.
“We are delighted to have received the most prestigious award for technology companies,” states Håvard Lillebo, founder and member of the Executive Board at Innotech Solar. “Five years ago, we came up with the idea for an innovative, environmentally friendly production process and today we are a global solar company which, thanks to our special business model, has retained a positive cash flow despite the solar industry currently undergoing a period of consolidation. I am very grateful to my entire team for having achieved this.”
Innotech Solar, which was founded by executives of the pioneering Norwegian company, REC Solar, in 2008, has developed into a module manufacturer with an annual sales increase of more than 50 percent. The company’s research teams developed a process that enhances the performance of low-efficiency solar cells by using thermal imaging to detect low-performing cell areas and automatically isolating them with special lasers. Innotech Solar then integrates these optimized cells into modules. In 2009, the first production line for the serial production of optimized solar cells was put into operation in the Norwegian town of Narvik. This was followed by a second factory opened in Halle an der Saale, Germany, in 2011. ITS also took over the REC module factory with a capacity of 100 megawatts (MW) in Glava, Sweden. All of Innotech Solar’s production sites are located in Europe.