Backing solar module innovation in Germany
A EUR 20m loan to high-tech engineering company Manz AG is supporting the company’s research and development in the area of sustainable and costefficient power generation. The financial assistance is being provided under the new InnovFin – EU Finance for Innovators initiative set up jointly by the EIB and the European Commission. InnovFin MidCap Growth Finance is tailored to the specific requirements of midcap companies in the field of R&D financing.
Our financing will primarily benefit the company’s R&D in the solar photovoltaic (PV) sector. Manz’s solar cell technology is among the world leaders, with currently the highest sunlight- to-energy efficiency for CIGS and other thin-film PV modules, and competitive costs compared to cSi PV technology. The CIGS technology is based on copper, indium, gallium and selenium and produced in thin-film technology. CIGS modules are currently considered to be the most efficient on the market. They require a relatively low amount of material, which makes them more sustainable and environmentally friendly.
EIB Vice-President Wilhelm Molterer called the Bank’s financial support crucial: “To be able to deliver strong research achievements – as here in the field of sustainable and renewable energies – reliable financial support is vital. This is particularly the case when it comes to small and medium-sized companies. The example of Manz demonstrates that a medium-sized company can be well on a par with its international competitors and be a technology leader. Yet, this requires stable financing conditions in the long run.” It would be a central task for both the EIB and the EU Commission to ensure these conditions, added VP Molterer, whose responsibilities include the Bank’s financing activities in Germany.
Innovative loans for innovative midcaps
Our loan will support the company’s R&D activities in Germany. Manz specialises in the development and production of automation machinery and equipment. The company develops integrated production lines that are deployed in the flat screen and sensor display, thin-film solar and lithium- ion batteries segments. The company’s research programme is scheduled for completion by 2016.Manz’s R&D project is supported by InnovFin – EU Finance for Innovators MidCap Growth Finance, with the financial backing of the European Union under Horizon 2020 financial instruments. InnovFin is a new range of EIB Group products designed to facilitate access to finance for innovative businesses. InnovFin MidCap Growth Finance enables the EIB to provide between EUR 7.5m and EUR 25m in long-term senior, subordinated or mezzanine loans to innovative businesses in order to support their growth and investments in research and innovation.