Hanergy Holding Group Ltd., a China-headquartered clean energy company, and thin-film PV company MiaSole have finalized Hanergy's acquisition of MiaSole, giving it a 100% stake in the firm. The deal was first announced in October 2012.
The China-U.S. strategic partnership follows a nine-month search by MiaSole, which has already attracted more than $550 million from investors, including KPCB, Vantage Point and other venture investors. Hanergy's U.S. acquisition follows its purchase of German thin-film maker Solibro last year.
According to the companies, the new acquisition will significantly boost the operations of MiaSole. Upon completion of the transaction, Hanergy plans to ramp up MiaSole's factory to full capacity.
The plant's 100-plus employees in engineering, technology and manufacturing will be preserved, and Hanergy expects to hire additional employees. Additionally, Hanergy will make sustained investment in MiaSole's research and development.