French technology start-up Heliup has raised €10 million from a host of investors to help realize its plans for 100 MW annual production capacity for lightweight solar panels. The company claims its panels are 60% lighter than conventional panels as these use ultra-thin glass.
Currently, Heliup operates a pilot line on its site at Bourget-du-Lac in Savoie for its Stykon for flat roofs, and Lighton for pitched roofs. The funding raised will be used to commission the 100 MW automated production line from June 2024. By 2026, it targets to expand further to 500 MW.
An offshoot of the European research institute CEA, Heliup uses its patented technology developed at INES that makes the solar panels ultra-light, durable and offering high efficiency. It is eyeing large rooftops in the commercial, logistics and industrial sectors.
Panels can be directly bonded to a waterproofing membrane for ease of installation, for which it has collaborated with a large waterproofing membranes manufacturer. The company will continue to work with CEA to further optimize its panels to evaluate their performance and conduct lifecycle analysis, according to the latter.
According to local media reports, the company is already sold out until mid-2025.
The €10 million funding round was led by Starquest Capital and includes BNP Paribas, Idec, BPI France and EIT InnoEnergy.