News Article
Hanergy Announce Acquisition of Silicon Valley Solar Firm MiaSole
Hanergy Holding Group, Ltd have finalized 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&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&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.
