Midsummer, a leading supplier of production lines for cost effective manufacturing of flexible thin film solar cells, CIGS, ended up on 7th place when Deloitte Technology Sweden Fast 50 list was announced yesterday.
It is Deloitte, one of the world's leading accounting and consulting firms, which annually elects the 50 fastest growing technology companies in Sweden. Midsummer won the Deloitte Fast 50 competition in 2012 and was also named the fastest growing cleantech company in EMEA the same year.
The Deloitte Technology Sweden Fast 50 award, which has been given out during ten years, is based on criteria such as rapid growth, ownership of proprietary technology, large investment in research and development of technology, and certain minimum levels of turnover and number of years in which operations are conducted.
Midsummer, founded in 2004, has historically always shown a good profit, but despite strong growth 2012 was a rare year of loss, which again turned in to profit in 2013. Revenue increased by 192 percent, from 14.9 to 43.5 MSEK and income before tax was 10.1 MSEK.
To be tilted on this prestigious list this year shows that our investment in research and development are absolutely the right decision to make. Midsummer's goal is to become the leader in the market segment lightweight and flexible thin-film solar cells of the type CIGS and to expand the business even further within this fast growing segment.
Sven Lindström, CEO, Midsummer AB
“The photovoltaic market is facing a paradigm shift. Fewer large solar energy parks are being built. Instead, focus is moving towards installations in large buildings in cities. The lightweight and flexible thin film solar cells are ideal for this use. It is economically and environmentally more beneficial to use solar energy locally, where it is produced”, Sven Lindström continued.
Deloitte Technology Sweden Fast 50 is the only award that is specifically focuses on technology companies in Sweden. Ranking includes both public and private companies and covers all types of technology, from Internet, computer equipment and media to biotechnology. It is the only cross-industry award for technology companies in Sweden.
It is Deloitte together with The Swedish Venture Capital Association (SVCA), which is behind the award. Deloitte is the world's largest business network in auditing, accounting and tax advice. Swedish Venture Capital Association (SVCA) is the industry association for participants in the Swedish venture capital market.
CIGS flexible solar modules are growing in popularity thanks to their low weight, flexibility and durability. Applications are e.g. floating modules, vehicles, landfills, portable power generation and membrane roofs on factories, offices and other structures that are not strong enough for traditional glass modules.
Midsummer has been named as one of Sweden's hottest technology companies and also been repeatedly featured on the list of the nation's fastest growing technology companies. Midsummer was the fastest growing cleantech company in the EMEA region in 2007-2011 (Deloitte, Fast 500).