Astrasun Solar, Műszertechnika-Holding, IK Metál Ink Partnership Deal

Green Energy

Astrasun Solar, listed on the Budapest Stock Exchange, Műszertechnika-Holding, a company under the same ownership as bus manufacturer Ikarus bus, and IK Metál, part of the latter group, have concluded a tripartite cooperation agreement.

The companies entered into a key partnership with the aim of collaborating in the production of special frame structures for the installation of solar parks. The long-term cooperation, which is divided into three phases, is based on the idea that, in case the predefined milestones are met, the companies will conduct their common business through a joint venture established by Műszertechnika-Holding and Astrasun Solar.

Subsequently, they intend to gradually start up the independent production activities of the jointly owned company, thus becoming one of the most important manufacturers of metal frame structures for solar panels in Europe.

As the first phase of the agreement, IK Metál will manufacture and sell frame structures required for the installation of solar parks on the basis of individual orders to Astrasun Solar  According to the agreement, IK Metál also agreed to provide sufficient production capacity to meet the current purchasing needs of Astrasun Solar and the latter company will also purchase the frame structures required for the installation of solar parks primarily from IK Metál. The parties have also agreed to grant each other mutual exclusivity.

As a second step of the partnership, the two companies – Astrasun Solar and Műszertechnika-Holding – will establish a joint venture. In the third phase of the agreement, the parties will aim to ensure that their joint venture will be able to enter the market independently and fulfill orders from other independent operators. This is subject to the condition that the company's commercial turnover exceeds HUF 1 billion.

"Astrasun Solar's explicit goal is to become Europe's number one manufacturer of metal frame structures for solar panels thanks to the cooperation and joint venture that we have just entered into. Astrasun's extensive international network and our established market position as one of the region's emerging energy companies will play a key role in this. IK Metál has decades of experience in the field of metalworking, which the company has long used in the production of buses through its partnership with the Ikarus Group," says Attila Keresztes, president and CEO of Astrasun Solar.

"IK Metál not only has decades of experience, but also unique technology in the field of metalworking. This is a competitive advantage in terms of experience and knowledge, which is extremely unique in the market of solar panel production. I believe that the union of the two companies and the quality service we will provide could be the beginning of a new era in the solar power plant market," he adds.

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