China’s Hanergy Buys Global Solar Energy and Extends Domination of Thin-Film PV

Hanergy Holding Group Limited has completed the equity acquisition of Global Solar Energy, Inc. (“GSE”), a manufacturer with the world’s leading copper indium gallium diselenide (CIGS) solar technology based in Tucson, Arizona, USA. The acquisition follows approval from the Committee on Foreign Investment in the United States and the National Development and Reform Commission, the regulators governing cross-border acquisitions in the U.S. and China respectively. GSE is one of just a few producers able to manufacture flexible CIGS solar cells on a commercial scale in the world. GSE’s products are applied in a variety of areas including integrated photovoltaic (BIPV), rooftop solar systems, electronic vehicles and other portable solar products.

In the past year, Hanergy has acquired Solibro and MiaSolé; both leading players in the CIGS technology field. Those transactions took the conversion rate of Hanergy’s thin-film PV modules to an unrivalled 15.5%. The acquisition of GSE closes the loop of Hanergy’s strategic consolidation of technologies that combine the competitive advantages of flexible thin-film PV modules and large scale production. It also demonstrates Hanergy’s continued leadership and commitment to developing advanced thin-film technology, and is a further step in its investment in leading CIGS technology and efficient alternative cell materials.

Commenting on the acquisition, Li Hejun, Chairman of Hanergy, stated, “Flexible and thin-film photovoltaic technology is the future and the trend of the industry. The acquisition of GSE marks another landmark deal for us after MiaSole and Solibro. Together these complete the circle of Hanergy’s global technology integration strategy, meaning we now have the ability to accelerate the development and large-scale application of our high-efficiency flexible CIGS modules. The cost-effectiveness and wide application of this technology make it a great step forward for Hanergy’s development in large-scale solar energy generation and distribution.”

Jeff Britt, Chief Executive Officer of Global Solar, stated, "We are pleased to join with Hanergy, which we believe will best leverage our unique products and technologies to complement Hanergy’s existing ones. Together we are well positioned to implement Hanergy’s strategy of accelerating the growth of the flexible solar market and exploit new market potentials."

Following the acquisition, GSE will become a wholly-owned subsidiary of Hanergy. GSE will continue its operation in the US. Currently, Hanergy predominates seven of the world’s leading thin-film technology lines, including amorphous silicon – germanium and copper indium gallium diselenide. The mass production of thin film solar modules conversion rate has reached 15.5% whereas research has reached the maximum conversion rate of 18.1%. According to the data in “Global Renewable Energy Report 2013” published by Hanergy, China’s investment in renewable energy is ranked first in the world. By 2013, China is expected to surpass Germany and become the world’s largest PV application market.