Solar Power Europe (SPE) announced the launch of the International Solar Manufacturing Initiative (ISMI), which aims to promote the demand for European photovoltaic products in the global market and enhance the competitiveness of the industry. The initiative is supported by eight European manufacturers, covering equipment, components, support systems, inverters and system connection solutions. Companies that have participated in ISMI include Ecoprogetti, HoloSolis, K2Systems, Mondragon Assembly, SMA Solar, Stäubli, Unex and Weidmüller, from six countries including Italy, Spain, Estonia, France, Germany and Switzerland. Four core areas boost the European photovoltaic industry

Máté Heisz, Director of Global Affairs at SPE, said: "The EU Net-Zero Industry Act and the European Competitiveness Agenda are driving demand for highly resilient photovoltaic products in the local market. ISMI aims to help European partners achieve their economic and sustainable development goals by promoting demand for European products and technologies in overseas markets."

ISMI will focus on the following four core areas:

Support European photovoltaic manufacturers to seize demand opportunities in the global clean technology market;

Promote the export of "Made in Europe" photovoltaic products and include them in the EU development cooperation policy framework;

Coordinate the EU Global Gateway Strategy and facilitate public financing support from European Development Financial Institutions (DFIs) and Export Credit Agencies (ECAs), with SPE as the coordinator;

Build a more resilient global photovoltaic supply chain.

300 billion euros in support to enhance the global competitiveness of European companies

The EU Global Gateway Strategy plans to mobilize up to 300 billion euros in investment between 2021 and 2027 to support sustainable, high-quality projects and help European private enterprises maintain global competitiveness.

In recent years, the European photovoltaic industry has faced fierce competition from low-priced Chinese products, and many manufacturers have closed factories or adjusted their strategies, such as Meyer Burger and NorSun turning to the more profitable US market. Earlier this year, German photovoltaic glass manufacturer GMB Glasmanufaktur Brandenburg also cut wages and shortened employee working hours due to falling demand to cope with the decline in demand for local products.

The launch of ISMI follows the release of the EU's Competitiveness Compass, which aims to provide guidance for EU clean technologies.