Hanergy signs agreement to acquire Q.CELLS Thin-Film Subsidiary Solibro

Hanergy Holding Group Limited and Q.CELLS signed an agreement for Hanergy to acquire Q.CELLS’ thin-film subsidiary Solibro, at Hanergy’s headquarters in Beijing.

After exploring various available thin-film investment opportunities, Hanergy has decided to invest in the leading copper indium gallium diselenide (CIGS) co-evaporation technology that Solibro has developed over the last 25 years. After the completion of the acquisition, Solibro will ramp up to a yearly production of 100 MW in Thalheim to supply Hanergy’s European customers.

“This acquisition is not solely about consolidating our position on a global and competitive market. It is also about creating synergies between our two organizations in order to provide our respective customers with added value,” said Li Hejun, chairman of Hanergy.

“Solibro has a proven track record in thin-film CIGS technologies,” Jason Chow, senior vice president of Hanergy Industrial PV Group added. “Hanergy will provide the extensive network, the strong production capacity and the long term R&D investment. We are confident that the acquisition will enhance Solibro’s performance and capacity despite the industry’s current downturn.”

Q.CELLS evaluated several potential partners that would be able to fully develop the potential of CIGS thin-film technology and make best use of its Thalheim-based facilities. Solibro’s technology and manufacturing capacity, combined with Hanergy’s photovoltaic (PV) strategy, resulted in a fast and successful conclusion of the transaction. Moreover, Hanergy will not shrink Solibro’s workforce or change the company’s leadership; Solibro’s operations will remain unaffected, as will its after-sales service provided to customers.

“Since the first meeting with the Hanergy management, an ideal strategic fit was obvious to us all,” said Dr. Nedim Cen, CEO of Q.CELLS SE. “With Hanergy as a partner, the potential of Solibro’s CIGS thin-film technology and existing production capacity can be fully realized. We are even more pleased that Hanergy intends to retain our current workforce in Thalheim.”

Incorporated in 1994, Hanergy Holding Group Limited is headquartered in Beijing and has subsidiaries in China, USA, UK, Italy, Netherlands, the Czech Republic, Singapore and Hong Kong. As China’s largest privately owned provider of renewable energy, Hanergy has an installed hydroelectric capacity of 6,000MW. Hanergy has also invested in solar thin-film R&D and production bases in order to reach a 3,000MW capacity by the end of 2012.

Based in Solar Valley Thalheim, Germany, Solibro GmbH produces thin-film solar modules using CIGS co-evaporation technology. Solibro solar modules, currently positioned under the brand name Q.SMART, hold the world record for thin-film modules in serial production since 2009 with efficiencies of up to 14.7 per cent (aperture area). Some 430 employees currently run two factories with a combined capacity of 135 MWp in Thalheim, Germany, as well as an R&D centre in Uppsala, Sweden.To date Solibro has produced and sold more than 140 megawatt peak of Q.SMART modules that have been installed in roof-top and utility scale projects for residential as well as commercial and industrial customers.