The World's #1 Renewable Energy Network for News, Information, and Companies.
Untitled Document

Newly Launched Hanwha Q.CELLS Becomes World's Third Largest Solar Manufacturer

In one swift move, Korean business conglomerate Hanwha Group has officially positioned itself as the third largest solar manufacturer in the world. With the purchase of bankrupt solar cell manufacturer Q.CELLS, the newly launched entity – appropriately named Hanwha Q.CELLS – now claims ownership of a total of 2.3 gigawatts of manufacturing capacity across Germany, Malaysia and China. That multinational position also puts Hanwha in the unique position of being able to deliver supply to any region in the world without concern over trade sanctions.

For Hanwha, the purchase of Q.CELLS and the launch of its new solar-specific entity is part of the company’s efforts to deepen its involvement in solar and bring about significant advancements in technology. In addition to acquiring 200-megawatt cell and 120-megawatt module manufacturing facilities in Germany, Hanwha has also acquired 34 Q.CELLS patents and 1,225 employees, all of which will likely aid in the achievement of this aim. 

In a press release issued Wednesday, Ki-Joon Hong, CEO of Hanwha SolarOne and vice chairman of Hanwha Chemical, said the company’s 60-year track record of industrial leadership puts it in a position to become “a global leader in addressing the energy challenges of a dynamic global economy.” Hong added, “Our commitment to solar extends beyond building a successful business. We are dedicated to making solar the most reliable source of energy on Earth.” 

Shyam Mehta, senior solar analyst for GTM Research, said, “For the last couple of years, Hanwha Group has really demonstrated a commitment and aggressiveness to PV that shows solar is important to their overall corporate growth strategy. They’ve also made some really interesting moves in terms of launching a number of differentiated product lines, like panels incorporating micro inverters and modules that use thin silicon technology.”

According to Mehta, it’s anybody’s guess exactly which of those differentiated product lines and technologies will win out – a fact that makes Hanwha’s wide-scale approach to solar energy all the more prudent. “I think it’s the right thinking on the part of Hanwha to have a diversified portfolio of investments, and to not put all their eggs in one basket,” Mehta said. “The company has basically said ‘We’re serious about solar, we have a long term investment vision, so we’re going to do whatever it takes to be a leader in this space.’”

Newly named Hanwha Q.CELLS CEO Charles Kim cited “synergies” between the two companies that, in his words, “offer a rare opportunity to quickly build a world-leading solar company.” 

In addition to the aforementioned manufacturing facilities in Germany, the patents, and a well-skilled employee workforce, Hanwha Group has also acquired Q.CELLS’ administrative operations and R&D facilities in Germany, an 800 megawatt cell manufacturing facility in Malaysia, and other entities throughout the U.S., Australia, and Japan.

Hanwha Group’s move stands in stark contrast to actions taken recently by Siemens AG and Sharp, both of which this year announced their individual divestments of their solar energy endeavors. “I think it’s a totally different situation,” Mehta said. “Siemens and Sharp both took a look in the mirror and said ‘We don’t have a competitive edge, so let’s cut our losses and walk away.’ On the other hand, Hanwha decided to make some aggressive moves in the right direction.”

Lead image: Handshake via Shutterstock

Untitled Document

RELATED ARTICLES

Why the Future of the Yieldco Is at Risk

Haresh Patel In the past two years, the proliferation of YieldCos, and their ability to open new sources of capital for renewable energy projects, has captured the attention of the energy industry. While a YieldCo’s potential to catalyz...

Schneider Electric and Saft Partner on Corsican Solar-Energy Storage Project

Andrew Burger Lithium-ion batteries will be used to store PV energy produced by two new solar energy installations and dispatch it to the grid on the French Mediterranean island of Corsica. Supplied by Saft, each 1-MWh advanced battery s...

Listen Up: Vampires Sucking Power from your House

The Energy Show on Renewable Energy World Here’s a nightmare for you: at night, when you’re asleep and you think things are quiet, there are vampires sucking power out of your house and increasing your electric bill. The fact of the matter is that every plugged in ...
Vince Font is a freelance journalist specializing in the fields of renewable energy, high tech, travel, and entertainment. Read his blog at www.vincefont.com or follow him on Twitter @vincefont.

CURRENT MAGAZINE ISSUE

Volume 18, Issue 4
1507REW_C11

STAY CONNECTED

To register for our free
e-Newsletters, subscribe today:

SOCIAL ACTIVITY

Tweet the Editors! @megcichon @jennrunyon

FEATURED PARTNERS



EVENTS

Grid-connected and Off-grid Photovoltaics

This training covers all aspects of planning, installation, maintenance,...

2015 Green Energy Expo

Stop by and visit Canadian Solar at the Green Energy Expo in Mexico City!

2015 Intersolar-South America

Canadian Solar will be exhibiting @ Intersolar-South America. Stop by an...

COMPANY BLOGS

Compression: That’s What It's All About

With Intersolar already 2 weeks behind us (how did that happen...

Fort Collins Residents Help City Reach Climate Targets While Saving...

Fort Collins resident Norman Illsley, 90, is making a statement. He purc...

6 Tips For Finding Great Leads

Embrace and cultivate all of the empowering qualities of a sa...

NEWSLETTERS

Renewable Energy: Subscribe Now

Solar Energy: Subscribe Now

Wind Energy: Subscribe Now

Geothermal Energy: Subscribe Now

Bioenergy: Subscribe Now  

 

FEATURED PARTNERS