TVP Solar: Signs set for growth

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Stefan Kyora

29.06.2018
TVP Solar Installation Kuwait

Last year, TVP, which designs, manufactures, and markets high-vacuum mirrorless solar thermal collectors, brought their manufacturing line to full automation. This year they have been commercialising the product and filling a sales pipeline to cover their 110,000 m2 manufacturing capacity. The Geneva-based company has now announced IPO plans for 2021.

Energy purchase decisions are based on at least one of three levers: cost of energy, renewability targets and energy security regarding the supply as well as the price.TVP panels cover all three of these levers”, explains TVP Head of Marketing Jonathan Koifman, “with an installed energy supply cost below 0.04 USD per thermal kilowatt hour - equivalent to diesel priced at 0.40 USD/litre, directly cutting CO2, and supplying heat any day the sun rises.” A one-year study of TVP solar thermal panels at a live client site in Kuwait (picture above) proved this recently. The solar field in Kuwait produces a massive amount of thermal energy – 750 kWh/m²/year – with a peak efficiency of 57% at 175C, validating certification values. The solution replaced about 70% of the client’s daily need for electric-driven cooling via TVP’s solar thermal and absorption chiller solution.

It is not surprising that TVP’s sales pipeline is well filled. The company based in Geneva has ambitious growth targets to cover its entire manufacturing capacity for 2019. TVP is already successful in opening the oil and gas market in which Saudi Aramco is one of their customers. Other markets into which TVP is now diversifying are for example dairies, abattoirs, textiles, food & beverage. The go to market strategy has two pillars: direct sales to large customers, and distribution partners.

The company has already heavily invested in the development and full automation of its first production site in Italy, which began automated manufacturing last year. To fuel further growth, TVP is at the moment working on the next financing round. With the means from the new fundraising round the number of employees will increase to 25 in Geneva and 120 in Italy. An IPO is on the horizon: if everything is going according to plan, TVP will go public in 2021.

The success is no coincidence. It took about eight years to develop the technology behind the panels and the product itself,  as well as the production process. The company started in 2008 and the first production facility was operative in 2015. TVP’s technology is unique, as shown with the 10 patent families granted, covering technology, products, and manufacturing methods.

Picture TVP Solar

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