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Bulgarian innovative company offers potential partners the establishment of a joint venture for production of a highly efficient photovoltaic (HEPV) module

Country of Origin: Bulgaria
Reference Number: TOBG20190730001
Publication Date: 31 July 2019


A Bulgarian company, designer of an HEPV module prototype for production of electricity and hot water, offers potential partners joint venture agreements for its industrialization. The HEPV module combines advanced technologies, methods and materials – guiding and cooling systems, concentration of light towards the photovoltaic cells, resistant components with over a 100 years'life. The result is the most efficient PV module and the one with the longest life at a very competitive price.


This Bulgarian company was established in 2002 with plastic and metal products manufacture as the main activity, succeeding an enterprise with long-standing tradition in that field. The production area (11000 m2) is located in Yagodovo village, 3 km away from Plovdiv – the 2nd largest city of Bulgaria, industrial, agricultural, logistics and trade center.

The company’s industrial premises include several workshops – for production purposes and maintenance of the machinery, fully equipped for the needs of the existing manufacturing procecesses. The staff includes experts with profound knowledge in the field of metal and plastics processing and trained and experienced working manpower, successfully led by the management.

During the last several years, the company finished a project in the photovoltaic sector and engineered a prototype of highly efficient photovoltaic (HEPV) module, producing electric energy and hot water at the same time, with an opportunity for upgrade and a lifetime of 100+ years. This module includes guiding and cooling systems and uses the method of concentration of light. The reasons all these systems and methods to be implemented in the module are as follows:
1. Of all photovoltaic (PV) systems producing electricity, the most efficient ones are those with a guiding system, targeting the sun. This is due to the direct illumination throughout the whole day to the surface of the photovoltaic cell under the best possible angle - the direct 90°.
2. Of all PV systems, those with a cooling system have the greatest efficiency. It serves to cool the photovoltaic panel. The PV cells work optimally at a temperature of 24° to 26° C. Outside these values, their performance decreases progressively, with losses reaching 70% of initial performance. As a result of the cooling, hot water is produced as a secondary product.
3. Of all existing PV systems, those using the light concentration method have the highest efficiency per unit area.
And so in the HEPV module the 3 most efficient methods in the PV industry are implemented. Moreover, the metals used in the construction are not corrosive and this feature is accomplished by using of an innovative way of processing. This method is not expensive and at the same time is environment-friendly. The whole system is protected by a special shock-proof glass with high permeability and long exploitation period. That makes the components, which are exposed to the natural phenomena and which are in direct contact with the sunlight but are insignificantly affected by its destructive power, in fact eternal. Adding to this the controlled hot water production – the result is a modern HEPV system.

Basis for development:
1. Expertise of the team - a team of inventors, engineers, designers, academics and trained contractors and installers
2. Available production base
3. The company possesses know-how for production and sustainability and registered patents

The selected cooperation is joint venture for several reasons:
1. The meaning of this partnership is in competent complementarity and responsibility of the actions and decisions. The joint undertaking shall make possible the processes optimization, using the resources, available to both parties
2. Appropriate business environment in Bulgaria: incentive tax policy (10% profit tax), economic growth, trained and experienced staff, accessible infrastructure, member of the EU, easy and cheap logistics to the Middle and Far East, Africa and the rest of the world.
3. The result of this collaboration is expected to be a prosperous company. In medium terms, it is supposed that it will be one of the most successful in the sector. In the long run, a worldwide network of partners will be set up to install and service the HEPV in the relevant regions in different countries. The production will be concentrated in 1 or 2 factories where modules will be produced under the registered patents for this purpose.

Advantages and Innovations

The company implements the results of 80 years R&D activities around the world. The gained knowledge gives it opportunity to design a product which combines the advantages of different technologies, making it efficient to the highest possible level, unique in some of its characteristics:

• Application in PV parks for commercial production of electricity or in facilities of end consumers of electricity and hot water, including these which are not connected to the electricity power network;
• Gives the highest exergy in the solar sector - 39% constant efficiency. The standard PV efficiency is up to 25% at 25°C;
• The cooling system guarantees high throughout the day efficiency. Only 10% of PV installed have cooling system;
• The tracking system guarantees direct sunshine throughout the day. About 20% of PV installed have such a system;
• Double efficiency – production of electricity and hot water (with controlled flow). Possibility to be increase the hot water flow on customer's request. Only 0.1% of PV systems have these features;
• Highest efficiency per unit area (only 0.1% of installed PV have similar performance). Ability to be increased the efficiency by replacing the PV elements with more productive types – when they are available on the market and if needed, according to the demands. The technology allows to be replaced only the PV elements, not the whole panel (no one offers this);
• 100+ years’ service life (no one offers such shelf life);
• All panel elements are 100% recyclable and do not pollute environment (no one offers this possibility);
• Protection against dust contamination (only 0.1% of the installed PV have similar performance). Prevention of physical damages, hail, objects dropped by birds (80% have similar protection);
• Co-existence with live plants (20% of the installed PV have such a possibility);
• The innovative materials and methods for their processing lower the manufacturing expenses, bringing to a very competitive price.

Stage Of Development

Prototype available for demonstration

Stage Of Development Comment

The company is in the final building phase of prototype 2. Prototype 1 has been developed and tested during the last 8 years. It has the efficiency of 38% but its lifetime is not 100+ years, like prototype II.

Requested partner

The ideal partner will be a producer of PV modules or with similar activity. But trade companies with experience in the commerce with such products are not excluded from the list of the potential partners – entrepreneurs dealing with industrial equipment, suppliers of equipment for public buildings, hotels and for remote settlements and facilities, companies, running PV parks for commercial production of electricity.  
Generally the partner must have a desire and possibility to invest in this project and to be familiar with the market and its trends in order to gain customers for realization of the PV systems.
The amount of the partner's investment, which will be a part of the total needed financial capital and the return time for its investment, is in the attached table. The pledged profit is 30% and the corresponding payback periods are 5, 6 or 7 years. At a 50% profit, the payback period is 5, 4 or 3.5 years respectively.

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