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© ermess dreamstime.com Electronics Production | March 04, 2013

Cencorp gets EUR 0.6 million grant

Suur-Savon Energiasäätiö (the Suur-Savo Energy Fund) has decided to provide Cencorp with a EUR 0.6 million grant to develop photovoltaic module business accordant with the company's strategy.
Iikka Savisalo, Cencorp's CEO

"Cencorp's transition into a technology company specializing in Cleantech applications proceeds as planned. I am very pleased that an investor like Suur-Savon Energiasäätiö who understands energy technologies and their potential has decided to give funding for Cencorp's solar module business."

"Cencorp will use the grant to build a fully automated photovoltaic module manufacturing unit that is based on Cencorp's own engineering and automation know-how. Cencorp is planning to build a module factory with an estimated production capacity of close to 0.5 million modules per year. Additionally, Cencorp is planning to demonstrate automation applications to Chinese solar module manufacturers, among others, in order to secure production line orders."

"In terms of engineering, the next generation photovoltaic modules will be totally different compared to today's modules. Assembly of modules requires a lot of automation as the accuracy required in the assembly process cannot be achieved by hand. Low cost labor will clearly have less and less influence in the production of new Conductive Back Sheet modules. Cencorp views that low cost automated production technology enables solar modules to be manufactured again geographically in broader areas."

"Photovoltaic modules and components as well as related production automation applications are expected to generate major part of Cencorp's net sales in the future. According to the long-term objectives set for Cencorp's CEO on 21 August 2012 by the Board of Directors, Cencorp is expected to reach annual net sales of more than EUR 200 million by the end of 2016 provided the company has sufficient capital. Growth will come mainly from Cleantech operations, particularly from solar photovoltaic and fuel cell applications. The company believes that part of its net sales originates from new markets already during 2013. Considering the current market outlook, I find the objectives ambitious, but possible to reach."

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