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Beijing, China (SPX) Jan 15, 2013
Hanergy Holding Group has finalized its acquisition of US-based MiaSole, giving it a 100% stake in the firm. The China-US strategic partnership follows a 9-month search by MiaSole, which has already attracted more than $550 million from investors including KPCB, Vantage Point and other significant venture investors.
Hanergy's US acquisition follows its purchase of German thin-film maker Solibro last year and now makes Hanergy one of the world's largest clean-energy companies.
The acquisition will significantly boost the operations of MiaSole, a California-based pioneer and leading manufacturer of copper indium gallium selenide (CIGS) thin-film photovoltaic solar panels. Upon completion of the transaction, Hanergy plans to ramp up MiaSole'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. Additionally, Hanergy will make sustained investment in MiaSole's R and 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, commented: "Our acquisition of MiaSole 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. 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 MiaSole, 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 MiaSole, added: "MiaSole 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 MiaSole 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.
"MiaSole will enjoy a fully optimized capital structure, enabling us to focus on R and D and capacity breakthroughs, and become more competitive by riding on Hanergy's global advantages."
The MiaSole 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 MiaSole's CIGS follows a different technological line, the two can share the patents and thus improve the conversion efficiency. MiaSole has set flexible PV efficiency world record at 15.5%. It is expected that the CIGS efficiency will further rise to above 17% within 24 months, and the production cost will drop to sub $.50 within 24 months.
Hanergy has been committed to "Clean Energy for a Better World" since its establishment in 1994. The company has emerged to become the world's No.1 thin-film PV producer both in scale and technology. Its 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.
Thin-film solar cells can be made on flexible substrates to form lightweight and flexible PV modules. Such flexible PV modules are easy to install because no supporting holders are needed.
Therefore, it is significantly beneficial to apply the flexible thin-film solar modules to the situation of non-bearing or limited-bearing rooves. Hanergy will continue to focus on thin-film technology, which proves to be the best path to take for our future.
All About Solar Energy at SolarDaily.com
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