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© nikm dreamstime.com Electronics Production | January 16, 2013

Cencorp to open new facility in early 2014

Tekes, the Finnish funding agency for technology and innovation is to fund Cencorp's photovoltaic module business.
The Finnish Funding Agency for Technology and Innovation - Tekes gives Cencorp a loan, of ca. 3 million Euros, to develop business and production model relating to the design and production of cost effective photovoltaic modules as well as to the development of module components.

The loan can amount maximum to 50 percent of the project's total costs which are estimated to be ca. 6 million Euros. The loan will be withdrawn in the course of the years 2013 and 2014. The loan period is ten years.

Among other things, the Tekes funding decision is subject to capital investments, amounting totally to 3 million Euros at the minimum, to be made in Cencorp during the period from 20 September 2012 to 30 June 2013. Half of the required investments was already secured on 3 December 2012 as Savcor Group Oy and SCI Invest Oy, a company under the control of Iikka Savisalo, the CEO of Cencorp, subscribed totally 1.5 million Euros of Cencorp's convertible bond which is a capital loan.

Iikka Savisalo, Cencorp's CEO comments:

"We are very happy to get an investor, like Tekes who understands technology and related opportunities, in the photovoltaic module project. I believe the cooperation with Tekes will clearly accelerate Cencorp's transition into a technology company providing Cleantech applications according to the company's strategy. Cencorp's most developed Cleantech applications are photovoltaic modules and relating components and production technology."

"In the production of efficient next generation photovoltaic modules automation will play a major role. In the second half of the year 2012 Cencorp has developed fully automated production concept for photovoltaic modules. With the funding, secured now, Cencorp will start a development project aiming at manufacturing and implementing a photovoltaic module production line based on Cencorp's own layout. The factory's location will probably be either Mikkeli or Salo. Cencorp has already operations in both cities."

"The plant is due to be ready in early 2014 and according to my current estimations the plant's turnover will exceed 50 million Euros when operating at full capacity. Sales negotiations regarding the plant's production capacity are run with several foreign operators. Additionally, it is our intention to utilize the plant in customer presentations and to test production automation applications. The most potential customers are module manufacturers who are planning to start their own next generation photovoltaic module production. We believe we will get our first orders already in 2013."

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