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.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.