Industrial and financial partners invest 2 million euros in relaunch of Soltech

Plans for new manufacturing facility for Building-Integrated Solar PV at Genk Thor Park

Soltech, an imec spin-off and pioneer in the field of customized building-integrated solar panels (so-called BIPV modules), is making a relaunch thanks to a consortium of six industrial and financial partners, notably Bas van de Kreeke, AGC Glass Europe, Hegge BV, LRM, Nuhma and RSQ Investors.
Soltech succumbed in March 2021 due to insufficient funds to innovate and automate.
With serial entrepreneur Bas van de Kreeke at the helm, the promising company will be revived.
Under its new form, Soltech will produce custom-made solar panels that can be incorporated not only in roof tiles, awnings, window glass or sound screens, but also in solar modules in vehicles.
A few weeks ago, production was already restarted from the current production site in Tienen.
At the end of 2022, however, a new production facility will come into use at Thor Park in Genk, which will allow the existing R&D cooperation with the world-renowned Energyville and imec to be further increased.

Soltech SA is a Belgian company with manufacturing facilities located in Tienen, Belgium.
Created in 1989 as a spin-off from imec, Soltech was a pioneer in the field of solar panels or photovoltaics (PV).
Since its inception, the company also garnered notoriety through the creation of its sister company Photovoltech, a solar cell manufacturer that at its peak had nearly 300 employees, but like other European producers, went down to Chinese competition in 2013.

Soltech itself remained afloat, investing heavily in innovation in order to produce customized solar panels and panels with greater added value.
The company developed solar panels that can be incorporated into building applications – such as roof tiles, canopies, window glass or noise barriers – but also had their application in vehicle-integrated modules (VIPV).

Ir.
Bas van de Kreeke will become CEO of Soltech.
He already firmly believes in the future of the company: ” The market for solar panels or photovoltaic cells continues to grow rapidly. Innovation in materials and processes remains necessary for higher and stable yields, new applications and production at lower costs. Traditional solar panels are mainly produced in China and sold at prices for which this can no longer be produced in Europe. This part of the market is therefore also no longer included in Soltech’s reworked strategy. The building-integrated solar panels require a lot of know-how and flexible and fast custom production. This can indeed be produced locally in Belgium at a good margin.”

Growth Markets

Soltech develops and manufactures solar panels primarily for the construction industry that is strongly driven by further sustainability and circularity.

Bas van de Kreeke: “Adoption of integrated custom modules incorporated into building components, for example, is still slow.
In part, this is because the construction industry is conservative, with architects and building owners more likely to opt for traditional facades and roofs.
The aesthetic aspect of solar cells was a problem for a long time, but today panels can be made to order with an attractive aesthetic design.
The combination of renewable energy generation and various architectural functional elements will grow in importance for the living environment of the future.
In the foreseeable future, all buildings must comply with stringent European energy performance standards.
Buildings in height (e.g. “skyscrapers”) often have too small a roof to provide sufficient renewable energy, and so work must also be done through the facades.

Factory of the future

The investors are putting money on the table for Soltech to restart.
Initially, the company will serve existing customers from the production facilities in Tienen and will invest in innovation and product development.
However, on the drawing board is also a building plan for a completely new production facility at Thor Park in Genk, a high-tech business campus being developed by LRM, the City of Genk and KU Leuven.
Start-up at Thor Park is scheduled for the end of 2022.

“Soltech can build on technology and years of development and has a team of highly specialized employees.
The collaboration with imec and research institution Energyville, along with the industrial partners for processing solar cells in building materials, make this project a very interesting case.
The fact that there are plans to build a production facility on Thor Park makes it very worthwhile to co-invest in this project.
We are bringing smart manufacturing back to Limburg.”

Mr. Tom Vanham, CEO LRM

“The seamless integration of photovoltaic into buildings and products, as a complementary energy source, is an obvious step that the solar industry must now take on a massive scale. Buildings will be sustainable and self-sufficient in energy. Nuhma’s co-investment supports this evolution and brings together the expertise of Soltech, Imec and Energyville, with additional high-quality employment opportunities at Thor Park as a result.”
Mr. Ludo Kelchtermans, CEO NUHMA

“Investing in the relaunch of Soltech fits in with our strategic plan to make the facades we design, produce and assemble energy-neutral using BIPV.
The know-how present at Soltech and the collaboration with imec and Energyville, among others, is an absolute added value for the further development of BIPV.
On the other hand, we are proud that we can put our shoulders to the wheel in a project that brings smart manufacturing industry to our province.”
Mr. Marc Hegge, Managing Director Hegge NV

“Soltech is an investment that fully fits into our vision of corporate social responsibility. Not only will Soltech make a substantial contribution to achieving the European climate objectives, we also see it as a company where local entrepreneurship and competencies will be able to be redeveloped. In this way, we can also contribute to the deglobalization trend that is becoming more and more widespread.”
Mr. Kris Vansanten, Managing Partner of RSQ Investors and also Chairman of the Board of Directors of the new Soltech

“As a European leader in flat glass headquartered in Belgium, we are stepping confidently into this initiative. The BIPV market is developing rapidly and AGC Glass Europe wants to play a leading role in making the building sector more sustainable in line with the EU Green Deal.”Mr. Patrick Van Bortel, Vice President Industrial & New Businesses, AGC Glass Europe

For more information

Goele Lemmens – Press Officer LRM
g.lemmens@lrm.be / +32 474 21 30 87

About Soltech SA

Europe is clear.
By 2050, the European Union must achieve net zero greenhouse gas emissions.
The European Commission’s climate plan heralds a new era with widespread implementation of innovative climate technologies.

SOLTECH is ready.
As a Belgian company, we are dedicated to the production and applied innovation of Building Integrated PhotoVoltaics (BIPV).
Our people translate BIPV issues into technically and economically sound projects.

Whatever your project, Soltech will charge it with energy. Stand alone or connected to the grid. With “a touch of SOLTECH,” your project will be a lasting reference of its kind in no time.

More information: www.soltech.be

About LRM NV

LRM is an investment company that mines and stimulates economic growth in Limburg.
We provide a solid foundation so that companies and projects that create jobs in Limburg can grow.
Our financial resources and expertise, together with the assets of Limburg, provide a unique breeding ground.
More information: www.lrm.be

About RSQ Investors

RSQ Investors, the investment arm of the Quanteus Group, invests according to the principles of corporate social responsibility.
Here, RSQ Investors focuses on companies with significant transformation potential, such as companies in difficulty, special situations or companies that need to undergo a thorough transformation.
Moreover, RSQ Investors focuses on companies active in themes with special social relevance in combination with important value creation potential, such as sustainability and digital & data transformation.
More information: https://quanteus.eu

About Hegge

Hegge is, since 1893, active in metal processing.
Sheet metal processing (steel, alu and stainless steel), powder coating, designing, producing and assembling windows, doors and curtain walls from aluminum and the production of aluminum splash guards are its core activities.
www.hegge.be; www.aluwing.eu

About AGC Glass Europe

AGC Glass Europe produces, processes and distributes flat glass for the construction industry (exterior glazing and interior glass), the automotive industry (original and replacement glass) and various other sectors such as transport as well as solar energy and in particular Building Integrated PhotoVoltaics (BIPV) with our range of photovoltaic glazing, SunEwat.
AGC Glass Europe is headquartered in Louvain-la-Neuve and major glass plants are located in Mol and in Zeebrugge.
We strongly believe in the power of a local value chain through intensive cooperation with carefully selected partners.
More information: https://agc-activeglass.com/en/sunewat/

About Nuhma

Nuhma is an investment holding company owned by 41 municipalities in Limburg and the municipality of Laakdal.
Nuhma’s core tasks are in two areas, namely the production of renewable energy and the provision of services for and to its shareholders, the municipalities.
Nuhma has various participations in companies that are active in the production of renewable energy.
These include companies such as Aspiravi, C-Power, Northwind, etc. that produce wind energy on land and at sea.
There are also direct and indirect participations in biomass and composting through Bionerga and A&S Energie.
There are also participations in hydropower and energy transmission projects.
And recently also in the production of PV modules.
More info: https://nuhma.be/