PT Pertamina Power Indonesia and HyET Solaris Netherlands BV Sign Term Sheet to Explore Flexible Solar PV Manufacturing in Indonesia and Receive a Letter of Intent from Invest International
Amsterdam – December 10th, 2025 — PT Pertamina Power Indonesia (“PPI”) and HyET Solaris Netherlands BV (“HyET Solaris”) have signed a Non-Binding Term Sheet expressing their shared interest in exploring a strategic cooperation to manufacture lightweight and flexible photovoltaic (PV) products in Indonesia. The collaboration aims to accelerate the availability of innovative solar technology across the ASEAN region while strengthening Indonesia’s domestic renewable energy manufacturing capabilities. Invest International has signed a Letter of Intent for their involvement in the collaboration.
Pilot Project to Demonstrate Commercial Feasibility
As a first step, the parties intend to jointly develop a pilot project in Indonesia that will validate the commercial feasibility of producing and marketing HyET Solaris’ lightweight and flexible PV products—most notably the company’s Luxifoil technology. The pilot initiative includes the construction of a dedicated 50 MWp/year pilot factory, representing a modular production line that will serve as the foundation for future large-scale expansion.
Flexible thin-film PV products such as Luxifoil offer unique advantages compared to traditional rigid solar panels. Their low weight, robustness, and adaptability open new application possibilities across industrial, commercial, and consumer markets. These attributes make them a strong complement to conventional PV systems.
Strengthening Indonesia’s Renewable Energy Ecosystem
Indonesia remains heavily reliant on imported solar components. With approximately 90% of the raw materials required to manufacture Luxifoil available locally, the country is well positioned to become a competitive regional production hub for advanced PV technologies. The pilot project is expected to support Indonesia’s growing renewable energy ambitions and stimulate local value creation. On top of that, this is in line with Indonesian’s government objectives of the industry’s downstreaming, job creation, supporting country’s growth as well as developing high technology industry in Indonesia.
The investment for the pilot factory is currently estimated at €65.4 million, subject to confirmation through a detailed Feasibility Study. Data gathered from the pilot phase will enable the parties to assess the economics and viability of scaling up to a full-size, 1 GWp/year PV manufacturing facility in Indonesia.
Pathway to Long-Term Collaboration
Subject to positive pilot results, PPI and HyET Solaris intend to expand their cooperation, potentially forming a joint venture that may receive an exclusive commercial license to manufacture and supply HyET Solaris products throughout the ASEAN region. Discussions regarding equity structure and ownership share will continue as part of the next phase of collaboration.
About PT Pertamina Power Indonesia (PPI)
PT Pertamina Power Indonesia (“PPI”) is the Subholding Power & New and Renewable Energy of PT Pertamina (Persero), Indonesia’s national energy company. PPI plays a central role in accelerating Indonesia’s energy transition by developing and operating clean energy solutions across the country and the region. Its portfolio includes renewable power generation, green hydrogen, energy storage, and other sustainable technologies that support Indonesia’s decarbonization roadmap. Through strategic partnerships and innovation-driven initiatives, PPI aims to strengthen national energy security while contributing to a low-carbon future.
About HyET Solaris
HyET Solaris is a leading innovator in lightweight, flexible thin-film photovoltaic (PV) technology and part of the Dutch HyET Group. Its flagship product, Luxifoil, builds on over a decade of thin-film expertise and offers a highly durable, ultra-light solar solution ideal for surfaces that cannot support conventional panels. HyET Solaris’ roll-to-roll manufacturing approach enables scalable, cost-effective production, while ongoing R&D targets efficiency improvements beyond current levels.
About Invest International
Invest International is a Netherlands-based impact investor focused on accelerating sustainable, innovative, and internationally scalable business activities that contribute to global development and the UN Sustainable Development Goals. Backed by the Dutch State and FMO, the organization provides long-term financing, project development support, and strategic partnerships to enable breakthrough technologies and infrastructure in emerging markets. By combining public purpose with private-sector expertise, Invest International helps bridge financing gaps for transformative projects in sectors such as renewable energy, green industry, climate technology, and sustainable supply chains.
Press Contact:
Quinten Swanborn
+31(0)624389574
€60 Million Investment Powers HyET Solaris’ Next-Gen Solar Foil Factory in the Netherlands
Backed by Aequitas Carbon Ltd. and Abbeydale Partners along with its affiliates, the project sets the stage for the global rollout of lightweight, flexible solar technology
Amsterdam, September 29, 2025 – HyET Solaris, the Dutch innovator in ultra-lightweight solar foils, announced today it has entered into agreement with UK-based investors Aequitas Carbon Ltd and Abbeydale Partners LLP to fund the company with €60 million growth capital. The investment will finance the development of a new 50-megawatt modular production facility in the Netherlands, with test production set for mid-2026 and full commercial output of flexible perovskite PV modules expected by Q4 2027.
Driving the Next Era of Solar Energy
This landmark facility will serve as a scalable blueprint for HyET Solaris’ international expansion strategy. The company’s roadmap includes increasing total production capacity to 1 gigawatt, with potential expansion sites in Europe, the Middle East, or both.
HyET Solaris builds on the heritage of HyET Solar. Despite a shareholder dispute that led to the previous company’s bankruptcy, the core team and breakthrough technology have been preserved. By retaining the HyET brand name and visual identity, the company leverages existing market goodwill and a proven track record.
A Proven Technology Ready to Scale
HyET Solaris’ signature powerfoils are ultra-lightweight, flexible, and low-cost solar modules. Developed in collaboration with European research institutions, they are designed for a wide range of industrial and infrastructural applications where traditional rigid panels are not viable.
“This is a breakthrough moment for solar energy,” said Edward Hamers, CTO of HyET Solaris.
Co-founder and CEO Rombout Swanborn added: “With Aequitas and Abbeydale, we gain not just capital, but valuable expertise in perovskite PV business and global operations. Together, we can accelerate the global transition to lightweight, affordable solar power”.
Strategic Investors with Global Ambitions
Maarten Scholten, Operating Partner at Aequitas Carbon Ltd, commented:
“HyET Solaris aligns perfectly with our mission to develop affordable, next-generation solar energy solutions. We believe perovskite PV technology will move the industry beyond rigid panels to flexible, scalable formats.”
Mark Corbidge, CEO of Abbeydale Partners LLP, added:
“This is just the beginning. We see HyET Solaris as the first step toward scaling the broader HyET Group’s transformative technologies across global markets.”
A Confident New Chapter
With strong financial backing, a proven product, and a seasoned team, HyET Solaris is positioned to restore confidence among suppliers, partners, and investors alike. The company now enters a dynamic new phase of growth, combining European innovation with global scalability.
About HyET Solaris
HyET Solaris develops and manufactures Powerfoils—ultra-lightweight, flexible solar modules designed for low-cost, large-scale energy generation. Headquartered in the Netherlands, HyET Solaris collaborates with leading international research institutions to advance clean, accessible solar power worldwide.
About Aequitas Carbon Ltd
Aequitas Carbon Ltd is a UK-based investment firm focused on breakthrough energy and materials technologies that support the global energy transition.
About Abbeydale Partners LLP and Affiliates
Abbeydale Partners is a UK-based advisory and investment group specializing in among others scaling innovative clean-energy and advanced manufacturing businesses. The firm provides not only capital but also operational expertise to accelerate global growth.
Press Contact
Natalie Masseus
natalie.masseus@hyetsolaris.com
+31 (0)624385038