Hogan Lovells advises Flaxtec on cooperation with Hyundai

Hogan Lovells advises Flaxtec on cooperation with Hyundai

Press releases | 20 February 2024

Led by Frankfurt partner Dr Torsten Rosenboom, global law firm Hogan Lovells has advised Flaxtec GmbH on an investment by the Korean Hyundai Group in its subsidiary, the technology company Flaxres GmbH. 

The Dresden-based recycling company Flaxres is part of econnext Group and specialises in the development of environmentally friendly recycling solutions for photovoltaic modules. The technology is based on a process called “flash lamp annealing", and is more environmentally friendly, more cost-efficient and faster than conventional processes, which are usually based on mechanical shredding or thermal utilisation (pyrolysis) of the modules.

The process offers a solution to one of the most pressing problems in the future of renewable energies: many photovoltaic modules that were installed during the first wave of the development of solar technology have now reached the end of their life cycle, with no processes yet available for a genuine circular economy. With the newly developed method, the composite materials can be separated by type and returned to circulation.

Together with the Korean partner, the Flaxres technology will now be used internationally and recycle end-of-life PV modules worldwide.

Hogan Lovells advised Flaxtec on all matters relating to the co-operation and the contractual agreements between Flaxtec, Flaxres and Hyundai. The team led by partner Dr Torsten Rosenboom regularly provides legal advice to econnext Group and its affiliated companies on various transactions and cooperations.

Hogan Lovells team for Flaxtec GmbH

Dr Torsten Rosenboom (Partner), Dr Marius Rothermund (Senior Associate), Andreas Thun, Sophie Ulrich (Counsel), Dr Mike Karl Schmidt, Julia Dingeldey, Hannah Wohlfarth (Associates), Dr Matthias Murr (Senior Associate) (Corporate/M&A);

Prof Dr Fabian Pfuhl (Counsel), Felix Ackermann (Associate) (Intellectual Property);

Dr Falk Schöning (Partner, Antitrust);

Dr Falk Loose (Counsel, Tax).