France-based Armor Group said it has acquired a 20% stake in French solar module maker HoloSolis.

In 2025, HoloSolis plans to open a perovskite-silicon tandem PV cell and panel factory in Hambach, France. At full capacity from 2027, the factory is expected to employ 1,700 people and produce 10 million modules per year, for a total capacity of 5 GW per year.

“After the construction of our new factory for battery components near Nantes, HoloSolis' project is an additional building block of our action in the service of restoring our energy sovereignty and generating non-relocatable jobs, two principles that we have defended for many years,” said Hubert de Boisredon, chairman and CEO of Armor Group.

A week ago, Armor Group sold Asca BmbG’s organic solar panel manufacturing facilities in Kitzingen, Germany, to Hering Group for an unspecified sum. According to an Armor Group press release from June 2023, Acsa BmbG was a “largely loss-making” business.

“After having focused our efforts for several years on organic photovoltaics (OPV), which has proven to be a very promising but still immature technology, we have decided to direct our efforts towards new tandem-perovskite cells on silicon,” said De Boisredon.

Last week, German silver metallization paste maker Heraeus also acquired an unspecified stake in HoloSolis.

Germany’s Fraunhofer Institute for Solar Energy (ISE) recently said that it will support HoloSolis in setting up a planned manufacturing facility.

HoloSolis was founded by three European entities: EIT Innoenergy, a clean-tech investor based in Eindhoven, the Netherlands and financed by the EU; IDEC Group, a real estate developer in France; and TSE, a prominent solar energy producer in France and a leader in agrivoltaics.

HoloSolis stands as a flagship initiative under the European Solar PV Industry Alliance (ESIA), which aims to establish 30 GW of annual European production capacity by 2025.