Photonic Energy sets up HQ in Denmark

18 May 2009

11 May 2009 – Photonic Energy A/S, which manufactures photovoltaic modules and related solutions, has established itself with a head office in Denmark. The company is based on an aggregation at 31 December 2008 by one of the world's largest manufacturers of photovoltaic modules Jumao Photonics Co. Ltd. in China and GermanSolar AG of Germany, which markets individual solar energy solutions in Europe.

Photonic Energy management consists of CEO Jakob Wæhrens who has over ten years experience from the solar industry. He has, among other things founded Solarstocc AG in Germany. Henrik Lunde is deputy CEO and was previously CEO of Thrane & Thrane A/S and Rovsing A/S. Both have a background as Project Manager of VELCAP A/S, a VKR Holding owned company engaged in developing new business areas. Thomas Kastrup is the Chief Financial Officer and joined Photonic Energy with a background as Vice President Global Finance & Administration at GN Netcom A/S.

Its chairman is Søren Isaksen, who is Executive Vice President and responsible for technology in NKT Holding A/S. In addition, the Board consists of Peter Scheel, Senior Vice President and responsible for research and development of GN ReSound A/S, Mark Fromholt, CFO of Green Tech Energy Systems A/S and Jason Liu, Sales Director in Jumao Photonics Co., Ltd.

Jumao Photonics, founded in 1999, has three factories in Xiamen, China for a total of 25,000 m². GermanSolar with offices in Cottbus, Berlin and Kempten, Germany was founded a year ago by a number of people with many years experience in the German solar market, which is the world's largest. The solar modules that GermanSolar markets are manufactured by Jumao Photonics.

"We have for some time been working on a merger of Jumao Photonics and GermanSolar. The idea is to combine a highly competitive production in China with significant market knowledge from the developed German market. It gives us great opportunities to exploit the high growth in the industry at 30-40% annually, "says Henrik Lunde, Deputy CEO of Photonic Energy.

The new company employs over 550 people and realized sales in 2008 of approx. DKK 540 mill, which is more than a doubling of turnover compared to 2007. "It is our objective to triple sales over the next three years to a level about DKK 1.5 bill. in 2011, "says Henrik Lunde.

The growing demand for green energy sources has grown dramatically in recent years and has been a catalyst for increased production of solar cells and modules (photovoltaic or PV). The photovoltaic market experiences high growth - installations of solar modules worldwide grew by an average of 39% per year since 1998. In 2008 the industry had a total turnover of more than DKK 200 billion and the industry is investing heavily in new production facilities and technologies.

Photonic Energy