New Synergies Establish the Hanwha Group as a Top Three
Global Solar Company
Bitterfeld-Wolfen, Oct. 24, 2012 - Hanwha Group, a top 10
Korean business group and Fortune Global 500 company with
businesses in manufacturing, construction, finance, retail
and resorts, today launched Hanwha Q.CELLS. The
launch marks the completion of the acquisition of German
solar company Q.CELLS, one of the worlds' largest solar
cell manufacturers and a leading photovoltaics company. Mr.
Charles Kim will lead Hanwha Q.CELLS as CEO, joining the
company from Hanwha SolarOne. Mr. Min Su Kim will replace
Mr. Charles Kim as the president of Hanwha SolarOne and
joins the company from Hanwha Group.
The launch of Hanwha Q.CELLS establishes Hanwha as the
third largest solar manufacturer in the world. Hanwha's 2.3
GW of manufacturing capacity is distributed across Germany,
Malaysia and China, a competitive advantage to supply any
region in the world, free of trade sanctions.
"The synergies between Q.CELLS and Hanwha offer a rare
opportunity to quickly build a world leading solar
company," said Charles Kim, CEO of Hanwha Q.CELLS. "The
Q.CELLS track record of quality, innovation and excellence
align with Hanwha Group's financial resources,
manufacturing expertise and global customer network to form
one of the strongest solar companies in the world, ready to
lead the industry into a new era."
The launch of Hanwha Q.CELLS follows strategic investments
by the Hanwha Group to broaden solar offerings to the
system and accelerate technology developments ranging from
advanced cell technology to system optimization for
lowering LCOE (Levelized Cost of Electricity), EPC
(Engineering, Procurement and Construction), and project
development capabilities. These strategic investments
include innovative companies like Crystal Solar, 1366
Technologies, tenKsolar, Silent Power and OneRoof Energy.
Hanwha Group also established Hanwha SolarEnergy in 2011 to
deliver integrated solar power plant solutions encompassing
development, construction, operation and project financing,
in addition to the recently opened 10 million advanced R&D
center in Silicon Valley, Calif., U.S. in April 2012. With
the launch of Hanwha Q.CELLS, Hanwha now has four R&D
centers around the world.
"With a 60-year track record of industrial leadership,
Hanwha Group is committed to becoming a global leader in
addressing the energy challenges of a dynamic global
economy," said Ki-Joon Hong, CEO of Hanwha SolarOne and
vice chairman of Hanwha Chemical. "Our commitment to solar
extends beyond building a successful business. We are
dedicated to making solar the most reliable source of
energy on Earth."
Hanwha Group acquired the following assets from Q.CELLS:
Headquarters, R&D center and administrative operations in
200 MW cell and 120 MW module manufacturing facilities in
800 MW cell manufacturing facility in Malaysia.
Entities in the U.S., Australia and Japan.
The launch was celebrated today at an event in
About Hanwha Group
Founded in 1952, Hanwha Group is a leading Korean business
group with 53 domestic affiliates and 78 global networks in
three major sectors of manufacturing/construction, finance
and service/leisure. In 2011, Hanwha Group held assets of
USD 87.7 billion and total revenue of USD 31.6 billion.
Putting strategic emphasis on renewable energies and global
expansion, Hanwha Group has made successful advancements in
solar energy, rechargeable batteries and biosimilars.
Hanwha Group has also extended its global footprint in
Europe, China, Southeast Asia, the Middle East and the
United States. For more information, visit www.hanwha.com.
About Hanwha Q.CELLS
Hanwha Q.CELLS is one of the world's leading photovoltaics
companies and offers a wide range of photovoltaic
solutions, from solar cells and modules to solar power
plants. Hanwha Q.CELLS' products are developed and
manufactured at its headquarters in Bitterfeld-Wolfen
(Germany) and marketed via its global sales network. It
also has a second production plant in Malaysia. More than
200 scientists and engineers at Hanwha Q.CELLS are working
to swiftly advance solar technology and achieve Hanwha
Q.CELLS' twin aims: driving down the costs of photovoltaics
quickly and permanently, and making solar power
competitive. The close links between R&D and production
enable Hanwha Q.CELLS to rapidly translate innovation into
mass production - and underpin its ambition to be at the
forefront of photovoltaic technology.http://www.q-cells.com.
About Hanwha SolarOne
Hanwha SolarOne Co., Ltd. (NASDAQ: HSOL) is one of the top
10 photovoltaic manufacturers in the world, providing
cost-competitive, high quality PV modules. It is the
flagship company of Hanwha Solar, the solar business
network of Fortune 500 ranked Hanwha Group. Hanwha SolarOne
serves the utility, commercial, government and residential
markets for a growing network of third-party distributors,
OEM manufacturers and system integrators. The company
maintains a strong presence worldwide, with employees
located throughout Europe, North America and Asia, and
embraces environmental responsibility and sustainability,
with an active role in the voluntary photovoltaic recycling