Calyxo GmbH Has Concluded an Agreement for Further Financing

Calyxo GmbH of Bitterfeld/Wolfen-Thalheim, Germany, the largest manufacturer of cadmium telluride (CdTe) thin-film solar panels in Europe, has concluded an agreement for further financing from venture capital investor IBG Beteiligungsgesellschaft Saxony-Anhalt mbH of Magdeburg, Germany.

IBG is involved in technology-oriented, innovative companies and projects, and is investing in Calyxo due to its integrated value chain, from the production of CdTe thin-film PV modules to the implementation of engineering, procurement & construction (EPC) projects.

Calyxo say it is confident that it can produce modules in the short term at a cost of €0.25/Wp using its low-cost atmospheric deposition process. The core semiconductor deposition equipment was designed and developed by Calyxo's own team of engineers. Major system components are constructed by Calyxo and have been transferred to patent applications.

Calyxo reckons that IBG's participation secures business opportunities through their financial commitment and know-how. In particular, the technology will be further developed and new markets for EPC projects opened up, the firm adds.

IBG has consistently promoted Calyxo's development as well as the efficiency of the photovoltaic unique technology, achieving the existing CdTe PV efficiency record of 20.4%, which should be transferred to mass production soon.

Calyxo says that IBG's participation is welcomed by its main shareholder Solar Fields LLC of Toledo, OH, USA, which took over ownership of Calyxo in February 2011 from their former partner Q-Cells SE (which founded Calyxo in 2005), as it extends the long-term relationship with the state of Saxony-Anhalt.