Solar ♦ news digest clean-energy companies
China’s largest privately-owned clean-energy company thin-film PV firm Hanergy finalised the acquisition of MiaSolé with a 100 percent stake in the firm.
MiaSolé is a California-based pioneer and manufacturer of CIGS thin-film photovoltaic solar panels.
Hanergy expects with additional investment and commercial execution, that MiaSolé’s value will exceed $2 billion. Strategic China-United States’ partnership will boost CIGS efficiency and deploy this cutting-edge technology across a larger global scale.
The China-US strategic partnership follows a 9-month search by MiaSolé, which has already attracted more than $550 million from investors including KPCB, Vantage Point and other significant venture investors.
The acquisition will significantly boost the operations of MiaSolé. Upon completion of the transaction, Hanergy plans to ramp up MiaSolé’s California-based factory to full capacity. The Sunnyvale plant’s 100-plus employees in engineering, technology and manufacturing will be preserved, and Hanergy expects to hire additional employees. What’s more, Hanergy will make sustained investment in MiaSolé’s R&D.
The transaction has received regulatory approvals by the Committee on Foreign Investment in the United States (CFIUS) and Chinese Authorities.
Li Hejun, Chairman of Hanergy Holding Group, comments, “Our acquisition of MiaSolé is another landmark deal and key milestone to facilitate the global clean-energy technology integration after we acquired German thin-film technology provider Solibro. Hanergy is determined to be a global renewable-energy leader. In the solar-energy sector, Hanergy is committed to developing thin-film PV technology, providing turn-key solutions, and developing solar plants.”
Hejun adds, “The future of solar energy is thin- film technology. This acquisition allows us to add a highly efficient flexible product to our portfolio. Hanergy’s vision to lead CIGS technology globally
and its combined strength with Solibro and MiaSolé, now make for a diversified and compelling product, which will be offered to a global customer base. I believe this successful China-US clean-energy cooperation will deliver fruitful results through our mutual efforts.”
John Carrington, CEO of MiaSolé, continues, “MiaSolé has advanced solar technology by developing the highest efficiency and lowest-cost CIGS modules but we needed to align with a strategic partner in order to deploy our technology across a larger global scale. I greatly appreciate and identify with Hanergy’s unique business model, its focus on and belief in thin-film solar technology, and its vision of providing clean-energy solutions to the world.”
“This acquisition of MiaSolé is a win-win outcome for both companies. Hanergy will secure our CIGS technology, which boasts the world’s highest conversion efficiency, to complement its existing technologies and promote the company’s leap- forward development in its global technological integration. MiaSolé will enjoy a fully optimised capital structure, enabling us to focus on R&D and capacity breakthroughs, and become more competitive by riding on Hanergy’s global advantages,” notes Carrington.
The MiaSolé acquisition follows Hanergy’s agreement to acquire Q.Cells’ thin-film subsidiary Solibro in Germany last year. Hanergy decided to invest in the leading 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 capacity of 100 MW in Thalheim to supply Hanergy’s European customers. Though MiaSolé’s CIGS follows a different technological line, the two can share the patents and thus improve the conversion efficiency. MiaSolé has set flexible PV efficiency world record at 15.5%. It is expected that the CIGS efficiency will further rise to above 17 percent within 24 months, and the production cost will drop to sub $.50 within 24 months.
Hanergy’s thin-film PV production capacity has achieved 3GW in total. Thin-film solar cells have the exclusive advantages of low material-consumption, low energy-consumption, and non-pollution.
January/February 2013
www.compoundsemiconductor.net 165
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