Hanwha invests $320M in cell and module manufacturing expansions
Hanwha Solutions, the South Korean owner of Qcells, says it plans to invest USD 320 million in a solar manufacturing expansion in the United States and South Korea.
Hanwha says in a press release it will seek to spend ISD 170 million building a 1.4-gigawatt solar module production facility in the US. Qcells already operates a 1.7 gigawatt module factory in Dalton, Georgia. With the newly-built factory expected to come online as early as the first half of 2023, Qcells' total production capacity in the US will exceed 3 gigawatt – which according to the company is equivalent to one-third of current US solar module production capacity.
The company also announced plans to expand cell production capacity in South Korea with an investment of USD 150 million. When the factory expansions are completed next year, overall cell capacity in the country will reach 5.4-gigawatts.
With these investments Hanwha aims to address growing demand for renewable energy, as ongoing energy market turbulence has sent fossil fuel prices soaring. Already worsened by a global supply squeeze during the pandemic, these price fluctuations have prompted calls around the world to reduce fossil fuel dependence aiming for energy security and carbon reduction.
"Growing uncertainties tell us that securing reliable, sustainable energy has become more important than ever before," says Justin Lee, CEO of Hanwha Qcells in the press release. "To do this, Qcells will increase renewable supply from diversified sources and find cleaner ways to produce energy. That way, we will contribute to both energy security and net-zero emissions."