5 June 2012 Hanergy to acquire Q.CELLS'CIGS PV subsidiary Solibro
Q.CELLS SE of Bitterfeld-Wolfen,Germany,which manufactures both silicon and thin-film copper indium gallium diselenide(CIGS)thin-film solar photovoltaic(PV)modules,has signed an agreement for Beijing-based Hanergy Holding Group Ltd(China's largest privately owned provider of renewable energy)to acquire its thin-film subsidiary Solibro GmbH,which produces CIGS PV modules under the brand name Q.SMART.
Hanergy aims to reach a solar thin-film production capacity of 3000MW by the end of 2012.After exploring various available thin-film investment opportunities,Hanergy has decided to invest in the CIGS co-evaporation technology that Solibro has developed over the last 25 years.
Picture:Jason Chow,CEO of Hanergy Global Investment&Sales Pte Ltd,and Q.CELLS'head of strategy Johannes Linde sign a co-operation agreement in Beijing to mark Hanergy's acquisition of Solibro.
The CIGS technology behind Q.SMART was developed in 1983 by theÅngström Solar Center at Uppsala University,Sweden,commercialized by the spin-off company Solibro in 2006,and acquired by Q-Cells in 2009.Q-Cells says that it has held the aperture-area efficiency record for series-produced thin-film modules since 2009(currently 14.7%).
With 430 staff,Solibro has two factories with combined annual capacity of 135MWp in'Solar Valley Thalheim',Germany,as well as an R&D centre in Uppsala.The firm has so far produced and sold more than 140MWp of Q.SMART modules(installed in roof-top and utility-scale projects for residential as well as commercial and industrial customers).However,in its'Thin Film 2012-2016'report,GTM Research said that Solibro had paused production at its 35MW fab,and that in 2011 it produced 66MW of modules.Aiming to expand production and reduce costs to industry-leading levels,Q.CELLS had been looking for a suitable investor for Solibro.
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.After completion of the acquisition,Solibro aims to ramp up annual production to 100MW in Thalheim to supply Hanergy's European customers.
"With Hanergy as a partner,the potential of Solibro's CIGS thin-film technology and existing production capacity can be fully realized,"says Q.CELLS'CEO Dr Nedim Cen.
Solibro's technology and manufacturing capacity,combined with Hanergy's PV strategy,has resulted in a fast and successful conclusion of the deal,the firms say.Moreover,Hanergy will not reduce Solibro's workforce or change its leadership.Operations will remain unaffected,as will its after-sales service provided to 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,"says Hanergy's chairman Li Hejun.
"Solibro has a proven track record in thin-film CIGS technologies,"comments Jason Chow,senior VP of Hanergy Industrial PV Group."Hanergy will provide the extensive network,the strong production capacity and the long-term R&D investment,"he adds."The acquisition will enhance Solibro's performance and capacity despite the industry's current downturn."
