Chinese thin-film manufacturer Hanergy has acquired Engensa, a UK-based home energy systems provider, for an undisclosed purchase price.
The deal will enable the Chinese renewable energy company to break into the UK residential solar market and at the same time provide additional support for Hanergy’s strategy to expand into the downstream market. According to Hanergy, the global residential market is worth €12 billion (US$15.5 billion) and is set to represent 50% of the worldwide solar industry by 2015.
Chairman and CEO of Hanergy Solar, Jason Chow, said: “Engensa brings a uniquely talented management team and unparalleled expertise in the residential solar market to the Hanergy global family. As the centre of our residential expansion we are delighted that they will be bringing the revolutionary Hanergy thin-film technology into thousands of homes across the world and changing how families think about and consume electricity.”
The deal represents the third acquisition by Hanergy in a year after the company purchased Solibro, a thin-film solar business, and Miasole, a US-based CIGS thin-film manufacturer, in 2012. Such moves have enabled Hanergy to become the third largest thin-film manufacturer in the world, it claims.
Toby Darbyshire, former CEO of Engensa and co-CEO of Hanergy Solar UK commented: “We are exceptionally proud of what the Engensa team has accomplished in building one of the largest UK home energy companies – but we are even more excited about what we can now achieve with Hanergy building a platform for their European B2C business.”
Former Engensa co-founder and co-CEO of Hanergy Solar UK, Dr. Toby Ferenczi, added: “Thin-film solar PV is very well placed to succeed in future due to its lower manufacturing costs, enhanced appearance and because it is not subject to any of the recently proposed import tariffs. Our partnership with Hanergy is exciting because it is one of the first major attempts to exploit this technology in the residential market.”