South Korea's Hyundai has acquired an unspecified minority stake in German PV module recycler Flaxres.

Flaxres did not reveal the name of the new investor in its press release. Its name, however, can be found in the commercial register. The value of the transaction is estimated in the “three-digit million range,” the company said, adding that this transaction could help it to become active in important non-European markets in the future.

Flaxres has developed a patented solar module recycling technology, based on short-term, high-temperature heating using flash lamps. The company claims that this “flash lamp annealing” process is more environmentally friendly, more cost-efficient and significantly faster than conventional processes, which are usually based on mechanical shredding or thermal recycling of the modules.

With this process, all composite materials of the solar modules can be separated from each other according to type and returned to the material cycle.

Flaxres' largest shareholder is Germany-based industrial holding Econnext Group.

Hyundai Energy Solutions, a unit of South Korean shipbuilding group Hyundai Heavy Industries, is currently operating a 1.37 GW solar cell manufacturing facility in its home country. Hyundai Energy Solutions entered the solar module business in 2004. The company is also active as a PV system supplier.