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Chinese thin-film maunfacturer Hanergy, has confirmed its acquisition of US-based CIGS thin-film manufacturer MiaSolé.
The transaction has received regulatory approvals by the Committee on Foreign Investment in the United States (CFIUS) and Chinese authorities, meaning MiaSolé will now become a wholly-owned subsidiary of Hanergy.
Hanergy has a number of plans in the pipeline to boost MiaSolé’s operations. These include the ramping up of MiaSolé's California-based factory to full capacity. The Sunnyvale plant currently has more than 100 employees in engineering, technology and manufacturing, which Hanergy says will be retained. The company also expects to hire additional employees at this plant and make “sustained investment” in MiaSolé’s research and development division.
By boosting its operations, MiaSole expects to increase its CIGS efficiency to reach 17% whilst production costs are expected to fall to less than US$0.50 per watt within 24 months. However, this may seem a little ambitious as the price of crystalline is still declining.
John Carrington, CEO of MiaSolé, said: “This acquisition of MiaSolé 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. MiaSolé will enjoy a fully optimised capital structure, enabling us to focus on R&D and capacity breakthroughs, and become more competitive by riding on Hanergy's global advantages."
The MiaSolé acquisition follows Hanergy’s agreement to purchase Solibro, a German thin-film company and a subsidiary of Q-Cells, last year. When the acquisition is complete, Solibro will increase its annual production to 100MW in Thalheim to supply Hanergy's European customers.
Li Hejun, Chairman of Hanergy, added: "Our acquisition of MiaSolé 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 MiaSolé, 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."