Beijing-based Hanergy Holding Group Ltd. and Germany-based Q.CELLS have entered into an agreement for Hanergy to acquire Q.CELLS' thin-film subsidiary Solibro.
After the completion of the acquisition, Solibro will ramp up to a yearly production of 100 MW in Thalheim, Germany, to supply Hanergy's European customers.
‘Solibro has a proven track record in thin-film CIGS technologies,’ says Jason Chow, senior vice president of Hanergy's industrial PV group. ‘We are confident that the acquisition will enhance Solibro's performance and capacity despite the industry's current downturn.’
Q.CELLS says it evaluated several potential partners that would be able to fully develop the potential of CIGS thin-film technology and make best use of its facilities. Hanergy plans to keep Solibro's existing workforce and leadership intact.
Q.CELLS filed for insolvency in April and is currently working on restructuring its business.