MCPV closes €4,2mln fundraise and advances its 4-Gigawatt Solar Cell factory
MCPV has recently closed a set of finance agreements, totalling €4,2mio, with the Ministry of Economic Affairs, Province of Groningen and Regional Development Agency NOM, enabling the company to kick-start implementation on its 4-gigawatt cell factory in Veendam. The company has also signed an agreement with Enexis, the regional electric grid operator, securing the electric grid capacity sufficient for the initial gigafactory plus future expansion. Particularly relevant given the current scarce grid capacity in The Netherlands. Previously, a land purchase agreement for an industrial site large enough to host the initial MCPV gigafactory plus future expansion had also been signed. MCPV is very pleased that with these milestones, it can start implementation of its project, and grateful for the support from its many stakeholders, reflecting the confidence in its next generation manufacturing approach combined with a world class team. With the industrial cleantech revolution well underway, MCPV is aiming to become a leading producer of competitive, made-in-Europe solar cells and modules. It is doing so by combining blended finance, European next generation digitally enabled manufacturing technology, and gigawatt-scale production. The recent milestones bring MCPV significantly closer to achieving this ambitious goal that will strengthen European energy security, generate high quality jobs, and create a new significant export industry for The Netherlands and Europe. About MCPV MCPV was co-founded by pioneers in the European clean energy sector with the objective to develop, build and operate competitive, gigawatt scale heterojunction photovoltaic cell and module manufacturing plants in Europe. To reinforce Europe’s manufacturing position, MCPV’s world class team developed a strategy based on a mix of gigawatt scale, next generation production lines, and leading-edge digital manufacturing architecture, all made in Europe. This in support of building Europe’s net zero industry backbone, strengthening energy security and building a competitive position in the global clean manufacturing revolution. MCPV’s inaugural flagship project, a solar cell facility in the Northern Netherlands, is fully aligned with this goal of enhancing Europe’s solar manufacturing industry and its associated supply chains. By integrating cuttingedge digital manufacturing technologies and prioritizing sustainability and circular economy principles, this project aims to significantly boost the solar cell production capacity in Europe. Planned to kickstart production in 2026, the low carbon footprint gigafactory will create more than 600 full time direct clean tech jobs, in strong support of the Northern Netherlands transition towards a leading European Net Zero Industrial hub. The MCPV team looks forward to continuing the excellent public-private cooperation reflecting the well-known Dutch “polder” model. The MCPV project is a cornerstone of SolarNL, the pioneering Dutch public-private programme developing integrated and resilient solar industrial and innovation projects. €412mio has been awarded to SolarNL in 2023, a substantial part of which allocated to MCPV. Marc Rechter, CEO of MCPV commented: “On the back of close public-private cooperation, reflected in the approval in 2023 of the significant funding under the National Growth Fund, the MCPV team has further strengthened the company’s position by hitting key project and financial milestones, enabling the kickstart of its implementation phase. The European environment for the implementation of large-scale Net Zero Industry projects is strengthening, with the Green Industrial Deal as a backbone for the accelerated implementation of projects like MCPV’s. The next generation of European cleantech manufacturers will enable the rebound of the European economy and strengthen Europe’s strategic independence. Global solar manufacturing companies are replacing the global oil and gas companies as engines of growth. Therefore, Europe must build its own strong solar manufacturing industry, and I am confident that all the necessary policy measures will be implemented with the required strength and urgency, allowing for European capital to flow to the EU’s solar manufacturing projects, where it is most critically needed. MCPV’s team jointly with public and private partners are working relentlessly to accelerate time to market, build a world class global cleantech company, and deliver the huge value of the solar industry to the European economy.”
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