NORWAY - STF and Northzone back Innotech Solar with EUR 6m

Innotech was founded in March 2008 and produces energy from solar cell waste. The production process is designed to repower non-prime cells, of which high quality solar cells and solar modules are made and sold for solar power plant use.

Innotech has its production facilities in Narvik, in the north of Norway. Its global sales office is located in Munich in Germany, and its CEO and CTO organisation in Oslo, Norway. The company currently employs 28 people, but is looking to make new hires in the near future.

The business has previously received EUR 11m in financing, both through equity and grants and soft loans from Norwegian state-backed Innvoation Norway. The recent capital injection will finance international expansion.

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• Topics
• Expansion
• Nordics