BERLIN, October 27, 2010 /PRNewswire/ -- Innotech Solar (ITS) broke ground and laid the first foundation stone this morning at its new production site in Germany. A further testament to Germany's thriving photovoltaic industry, the company has chosen the Eastern German city of Halle for its new plant. Construction of the factory that will increase the performance of solar cells officially begins today. ITS was assisted in the investment process by Germany Trade & Invest.
The investment will initially create 80 new jobs in the region with plans to further increase the amount of employees in the future. Innotech Solar, headquartered in Narvik, Norway, purchases solar cells and uses industrial production techniques to increase the power output and guarantee the quality of the cells.
Innotech Solar CEO Thor Christian Tuv: "Germany provides us with the ideal conditions to strengthen our business activities. A thriving photovoltaic industry cluster and outstanding infrastructure here are essential for us. We are sure the Halle site gives us a unique competitive advantage that will allow us to continue our company's extraordinary growth."
The decision to invest in Germany is a testament to the country's well-developed PV industry. With the highest concentration of photovoltaic companies, suppliers, and research institutes, Germany's industry posted over EUR 8.6 billion in revenues last year. Manufacturers benefit from the "Made in Germany" reputation for high quality products, a well established industrial infrastructure, large equipment supplier base, and qualified workforce.
Germany is also the world's leading producer of solar energy. With 4.8 GWp of new PV installations so far in 2010, demand for solar systems has grown by over 300 percent compared to the same period last year. This is no easy feat, considering that Germany was already home to nearly half the solar modules in operation worldwide at the end of 2009. According to the latest figures, total accumulated PV capacity in Germany is approximately 14.6 GWp and growing.
The country's infrastructure also played a key role in ITS's decision to invest in the Halle site. Proximity to the Leipzig-Halle airport and direct access to the German Autobahn connect the company to the world's number one infrastructure, according to a 2010 World Bank study.
Innotech Solar (http://www.innotechsolar.com) was assisted in the investment process by Germany Trade & Invest and the Investment and Marketing Corporation (IMG) Saxony-Anhalt.
Germany Trade & Invest is the foreign trade and inward investment promotion agency of the Federal Republic of Germany. The organization advises foreign companies looking to expand their business activities in the German market. It provides information on foreign trade to German companies that seek to enter foreign markets.
Germany Trade & Invest Robert Scheid Email: email@example.com T: +49(0)30-200099-170 F: +49(0)30-200099-111
SOURCE Germany Trade and Invest