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06
June
2012

Hanergy to acquire Q-Cells daughter Solibro

Hanergy Holding Group Limited and Q.CELLS signed an agreement for Hanergy to acquire Q.CELLS’ thin-film subsidiary Solibro.
After exploring various available thin-film investment opportunities, Hanergy has decided to invest in the leading copper indium gallium diselenide (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 of 100 MW in Thalheim to supply Hanergy’s European 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”, said Li Hejun, Chairman of Hanergy. Jason Chow, Senior Vice President of Hanergy Industrial PV Group added: “Solibro has a proven track record in thin-film CIGS technologies. Hanergy will provide the extensive network, the strong production capacity and the long term R&D investment. We are confident that the acquisition will enhance Solibro’s performance and capacity despite the industry’s current downturn.”

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. Solibro’s technology and manufacturing capacity, combined with Hanergy’s photovoltaic (PV) strategy, resulted in a fast and successful conclusion of the transaction. Moreover, Hanergy will not shrink Solibro’s workforce or change the company’s leadership; Solibro’s operations will remain unaffected, as will its after-sales service provided to customers.

“Since the first meeting with the Hanergy management, an ideal strategic fit was obvious to us all,” said Dr. Nedim Cen, CEO of Q.CELLS SE. “With Hanergy as a partner, the potential of Solibro’s CIGS thin-film technology and existing production capacity can be fully realized. We are even more pleased that Hanergy intends to retain our current workforce in Thalheim.”
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