Tindo Solar has achieved sales of $30m in the last year but has had to turn away customers as the Adelaide-based private company attempts to keep up with strong demand during Covid.
The Tindo Solar group has around 80 employees, mostly at the Mawson Lakes factory which produces high-quality solar panels. The group also has an extensive retail arm that designs and installs solar systems, including battery.
The company is weeks away from commissioning a $11 million new facility capable of producing almost three-times the number of solar panels that it produced in its decommissioned factory. The new factory includes a production line that can produce panels integrating the new global standard solar cell – the M-10 – and will also produce a 540w large-format panel for utility-scale solar projects.
Glenn Morelli, Tindo Executive Chairman, said the capital-raising with equity would allow the Australian manufacturer to go to the next level of production volumes and meet strong demand for Australian-made, high-quality solar panels.
“The demand in the last twelve months has been overwhelming. Covid has generated interest in Australia-made and high quality, and current policies in China are creating shortages of imported solar panels. We’ve had over 1,000 resellers approach us this year, requesting Tindo Solar panels, but we’ve had to say ‘no’ to most of them.
“The market for solar has matured beyond a race for the lowest-cost, and there is growing demand for high-quality panels, with battery. Covid has simply amplified that trend, along with a clear preference for Made-in-Australia. With fresh capital from an equity partner we can invest in greater output from our new plant to meet the growing demand.”
Mr Morelli said Tindo Solar would introduce a new retail offering in the next six months, meeting the increased Australian demand for integrated energy solutions rather than focusing on single pieces of technology.
“Tindo enjoys a very loyal customer base of more than 100,000, and we’ll be offering a total energy solution combining solar panels, battery and retail energy. We are really excited about our new phase of growth – our new plant cannot come online fast enough.”
Fortis Ago corporate advisory has been engaged to assist Tindo Solar in finding a partner for their next phase of growth. Mr Morelli expected a formal Expressions of Interest document to be sent-out in mid-November.
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