Commitment to renewable energy has been surging over the past few years as investments in the field increase with the technology retail industry spearheading the drive.
Companies, including prominent names such as Apple and Amazon, have been embracing the renewable sources of energy in a push to green up operations and limit their impact on the environment.
Apple has been the U.S. corporate leader with nearly 400 megawatts (MW) of installed solar capacity, followed by other giants such as Amazon and Walmart, according to a report by the Solar Energy Industrial Association (SEIA).
As for Turkey, investments have ramped up parallel to the increase in the use of solar energy.
Smart Solar Technologies has been among the rising players in the industry, defining itself as one of Europe’s leading integrated solar energy companies.
It operates in turnkey installation services and PV module production and offers a wide range of solar energy solutions to commercial and retail users.
The Istanbul-based company managed to close 2021 with a turnover of around $95 million (TL 14.05 billion). Adding pace to its ambitions to become a major player on a global level, it is now a stock market candidate as it plans to go public on the Borsa Istanbul Stock Exchange (BIST) soon.
The company has received a green light for its initial public offering (IPO) by the Capital Markets Board (SPK) and its building was due to open on Friday.
Cell technology investment
Smart Solar Technologies plans to add to its research and development (R&D) investments, as well as to back technology startups, according to its co-founder and CEO, Halil Demirdağ.
Demirdağ says the company would allocate one-third of the resources it expects to gain from the IPO for an investment in the Aliağa district of the Aegean province of Izmir, where it plans to set up a solar cell production plant.
Expressing that they will increase their investments with cell technology, which is the building block of solar panels, Demirdağ said: “Behind our story of going public lies the idea of branding, institutionalization and ‘becoming a global player.’ We aim to grow faster and increase profitability.”
Major potential
Demirdağ went on to explain the company’s goal of reaching a billion-dollar annual turnover in the coming 10 years, stressing the high potential of solar cell investment for Turkey.
“Turkey can be a serious player in the field of cells in the world. Our country has the potential to become a strong player in solar energy with its subindustry through a push similar to that of the automotive sector,” he noted.
Investments show promise for the future of the industry, Demirdağ said. “Turkey is not in the top five in solar energy in the world, but this is exactly what Turkey will do,” he noted.
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Source: https://www.dailysabah.com/business/tech/technology-retail-giants-embrace-solar-power