Hanwha Group Re-launches Q-Cells and 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 now claims ownership of a total of 2.3 GW 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 MW cell and 120 MW 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.”
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 MW 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 endeavours.