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Hanergy to acquire Q.CELLS' CIGS subsidiary Solibro

Solibro will benefit from network and investment, while allowing Hanergy access to its core CIGS solar cell technology

Hanergy Holding Group Limited is to acquire Q.CELLS' thin-film subsidiary Solibro, at Hanergy's headquarters in Beijing.

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.

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.

Jason Chow, CEO of Hanergy Global Investment & Sales Pte. Ltd., and Johannes Linde, Head of Strategy for Q.CELLS, sign a cooperation agreement to mark Hanergy's acquisition of Q.CELLS subsidiary Solibro at its Beijing headquarters

"This acquisition is not solely about consolidating our position on a global and competitive market. It is also about creating synergies between our two organisations in order to provide our respective customers with added value," says Li Hejun, Chairman of Hanergy.

Jason Chow, Senior Vice President of Hanergy Industrial PV Group adds, "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 strategy, resulted in a fast and successful conclusion of the transaction.

What's more, 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, a perfect strategic fit was obvious to us all," concludes 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 realised. We are even more pleased with the fact that Hanergy intends to retain our current workforce in Thalheim."
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