HS Timber Group sells Interfloat, Europe's largest solar glass producer to Borosil Renewables Ltd.

The sale of the Interfloat Group, announced on 25 April with the signing of the binding declaration, was successfully completed today, Friday 21 October 2022. Therewith, Borosil Renewables Ltd (BRL) acquires HS Timber Group's 86% stake in Interfloat. Blue Minds Company remains a shareholder of the group with 14%. Christian Kern remains a member of Interfloat's Board of Directors.

Solar energy is an essential component for independent and sustainable energy supply in Europe. Borosil’s entry should further strengthen the European solar market: Borosil plans to invest in production at Glasmanufaktur Brandenburg GmbH (GMB), part of the Interfloat Group, located in Tschernitz, Germany, increasing the plant’s output and introducing new environmental standards. BRL is the only company in the world that does not use the highly toxic metalloid antimony in the solar glass production process. Further innovations in the glass manufacturing process will facilitate a sustainable reduction in CO2 emissions.

Christian Kern, President of the Administrative Board of Interfloat Group: “Borosil Renewables is a global innovation leader in the more sustainable production of solar glass. BRL’s commitment is a win-win for the production site in Tschernitz and the entire Brandenburg region. Strong international investors can safeguard this production site in Europe – making an essential contribution to the independence of our continent. After all, European industry is suffering from massive energy price increases. Not only the preservation, but the massive expansion of green energy production in Europe is needed.”

Kern will continue to serve on the Board of Directors at Borosil's express request.