China-headquartered thin-film PV manufacturer Hanergy announced today that it has completed the acquisition of US start-up Alta Devices, which has developed a dual junction solar cell with a verified conversion efficiency of 30.8%.
Alta Devices develops single crystalline thin-film (Gallium arsenide, or GaAs) solar cells, including its AnyLight technology, which it claims can work well under low light conditions. The single junction cells have a conversion efficiency of 28.8%, while the 30.8% figure was recorded for a dual junction cell. The efficiencies have been verified by the US National Renewable Energy Laboratory (NREL), with the single junction cell already in production.
In a statement announcing the acquisition, Hanergy said it intended to “…actively expand the application of Alta Devices’ products in various mobile power application areas, ranging from emergency charging of mobile phones, to the automotive sector and the Internet of Things”.
The acquired company will continue to operate as a wholly owned subsidiary of Hanergy, albeit with the parent company’s help in hitting international markets and with its relationships with “key strategic customers”. The new relationship will also see the two companies collaborate on research and development, especially with regards to mobile power and ‘wearable tech’ applications.
Hanergy chief executive officer and chairman Li Heijun said of the deal:
“Alta Devices’ thin film solar technology allows more energy to be produced in lower light conditions than any other type of solar cell, giving it greater potential to power a wide range of mobile devices and equipment from phones to cars. It has the potential to change the way solar energy is used.”
The head of Alta Devices, Chris Norris, said that the two companies held a “…shared belief that flexible, thin-film solar technology represents the future of the solar industry”.
The acquisition is the latest purchase in thin-film by Hanergy, which has also acquired Global Solar Energy, MiaSole and Solibro since 2012.
Hanergy recently announced a proposed name change. Planning to rebrand from Hanergy Solar Group to Hanergy Thin Film Power Group Ltd, the name change will be put before shareholders for approval at the company’s annual general meeting (AGM) on 18 August.