Midsummer signs major 5-year deal with Italian roofing and building material leader Unimetal – EQ Mag Pro
Stockholm, Sweden, and Turin : Italy Swedish solar energy leader Midsummer has signed a five-year multi-million euro deal with an Italian roof manufacturer, the second in a short period of time.
According to a newly signed agreement, Turin-based roofing and building material supplier Unimetal undertakes to purchase up to 5MW per year of Midsummer’s thin film CIGS modules for a price of nine million euros per year for five years, implying a total contract value of 45 million euros for 25MW panels.
In addition, Midsummer agrees to buy up to 50,000 sqm of metal panels from Unimetal for a price of EUR 1.5m per year for five years at a price of approx. EUR 30/sqm.
The quantities are not binding for any party, and the prices can also change under certain conditions.
As part of the agreement, the two companies will jointly launch a new product for the southern European market called Solar Metal structured with Unimetal’s metals panels and Midsummer’s modules. Unimetal is a company that has been operating successfully for years in the field of tinsmithing and the production of civil, industrial and agricultural roofing. It is headquartered in Torre San Giorgio just south of Turin in northern Italia’s industrial heartland.
Unimetal is a subsidiary of Idrocentro, a large Italian distributor of building material with more than 50 stores, focused on northern Italy. Idrocentro has been operating successfully for more than 40 years in the field of hydraulic, thermal, sanitary and bathroom furnishing supplies, air conditioning, heating, building supplies and fittings for swimming pools, gyms, irrigation, hospital facilities and facilities for the disabled.
Second large deal in two months
In December, a similar deal was announced with the Italian manufacturer of bespoke curved metal roofs Medacciai, according to which Medacciai undertakes to purchase 3.5MW/€6.3m of panels per year from Midsummer. The two companies will also jointly launch a new product for the southern European market called Panel Energy.
“Year after year, Unimetal ranks as one of the top 5 companies in terms of market share in Italy for metal roofing materials,” said Jarno Montella, Manager of Midsummer Italia. “I believe that the agreement we have signed is a fantastic starting point, and at the same time I believe that there is room to grow Unimetal’s offtake of our products even more in the future!”
In October last year, it was announced that Midsummer Italia has been awarded grants and soft loans to the tune of EUR 38m for the establishment of large-scale production of CIGS thin film solar panels in Bari, southern Italy. The Midsummer factory, expected to be operational by the end of 2022, will be the largest producer of thin film solar cells in Europe.
“This is of course very good news and testament to the potential of the Italian commercial and private market,” said Sven Lindström, CEO, Midsummer. “Together with the previous Medacciai deal, the agreement signed with Unimetal fills a considerable portion of the capacity in our new factory even before we have manufactured the first solar cell. The deals prove that the decision to locate the Group’s first megafactory to Italy was the right one.”
About Midsummer
Midsummer is a Swedish solar energy company that develops and markets equipment for the production of thin film solar cells and also manufactures, sells and installs solar roofs. The solar cells are of CIGS technology and thin, light, flexible, discreet and with a minimal carbon footprint compared with other solar panels. The Italian subsidiary of Midsummer is headquartered in Rome and the production facility is located in Bari.
The solar roofs are produced in Sweden using the company’s own unique DUO system which has taken the position as the most widespread manufacturing tool for flexible CIGS solar cells in the world. The Company’s shares (MIDS) are traded on Nasdaq First North Growth Market with G&W Fondkommission as Certified Adviser.
