ITS has secured 6 EUR Million in funding to finance production ramp up

ITS makes clean energy from non-prime solar cells.

ITS was established in March 2008. ITS has established a specialized production process whereby high quality solar cells and modules are manufactured from non-prime cells from other solar cell producers. The first production unit is based in Narvik, Norway, and the global sales office is based in Munich, Germany.

Since its foundation, a total of 11 EUR Million has been raised through equity, and also grants and soft loans from Innovation Norway.

"ITS has successfully started its first production line in Narvik. The ITS team is focused on securing quality along all stages of our production, and we will be ramping up the production volume during the next few months," says Thor Christian Tuv, CEO at Innotech Solar. "The funding needed for full scale production is secured, and commercial deliveries to our customers will commence this autumn. Despite a current challenging market, reputable international customers are ready for our products."

"We are happy to invest in this exciting new solar company" says Founding Partner & Investment Director Andre Heinz at Sustainable Technologies Funds. "ITS' prospects of making clean energy from non-prime solar cells is a perfect match for STF's philosophy. STF focus on investing in business opportunities technologies that enable more valuable use of natural resources and greatly reduced ecological impact."

"The company has in a very short time built a strong and experienced team, launched its first production unit and secured customers" says ITS Chairman Tellef Thorleifsson, General Partner at Northzone. "We are convinced that ITS will become a leading global player within its segment, and we are happy to maintain our support of ITS through this financing round. The inclusion of Sustainable Technologies as a co-investor is an important step forward in ITS' international expansion."

Contact for further information:

Thor Christian Tuv, CEO
+47 959 27 203

Håvard Lillebo, CFO
+47 996 24 140

July 8th 2009