Hyundai acquires stake in German PV recyling specialist Flaxres

Flaxres says it will leverage Hyundai’s capabilities to expand its business outside of Germany. The company has developed a solar module recycling technology that is based on short-term high-temperature heating using flash lamps.

January 24, 2024 Sandra Enkhardt

Image: Flaxres

From pv magazine Germany

South Korea’s Hyundai has acquired an unspecified minority stake in German PV module recycler Flaxres.

Flaxres did not reveal the name of the new investor in its press release. Its name, however, can be found in the commercial register. The value of the transaction is estimated in the “three-digit million range,” the company said, adding that this transaction could help it to become active in important non-European markets in the future.

Flaxres has developed a patented solar module recycling technology, based on short-term, high-temperature heating using flash lamps. The company claims that this “flash lamp annealing” process is more environmentally friendly, more cost-efficient and significantly faster than conventional processes, which are usually based on mechanical shredding or thermal recycling of the modules.

With this process, all composite materials of the solar modules can be separated from each other according to type and returned to the material cycle.

Flaxres’ largest shareholder is Germany-based industrial holding Econnext Group.

*The article was updated on Jan. 24 to reflect that Hyundai Energy Solutions was not involved in the transaction.

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