|Solarfun Power Holdings, newly starts by the name of‘Hanwha SolarOne’ in 2011|
Seoul, South Korea, 16 December 2010 - Hanwha Chemical Corporation (“HCC”, KOSPI: KS009830) today announced that Solarfun Power Holdings (NASDAQ: SOLF, “Solarfun”), agreed to change Corporate Identification of Solarfun as ‘Hanwha SolarOne’ using symbol mark and logo of Hanwha group with approval of Solarfun’s Board at Plaza Hotel in Seoul on 16th December 2010.
Hanwha Chemical, the largest shareholders of Solarfun commented “new company name will solidify to maintain mutually beneficial cooperative relationship” and “huge investments in capabilities and developments in high technologies lead Hanwha SolarOne to one of the leading players in solar industry with global synergies from both parties.
For further step, Hanwha SolarOne is going to expand its PV cell capacity to 1.3GW and module capacity to 1.5GW next year and successfully finished the recapitalization of USD 83mil for this expansion.
Hanwha SolarOne also schedule to apply RIE (Reactive Ion Etching) and SE (Selective Emitter) technologies on the PV cell production line from 2011. Hanwha SolarOne believe they can increase the conversion efficiency by 1% and operating profit by USD 0.3bil applying these technologies. RIE technology has been developed by Hanwha Chemical R&D center and this adaptation will be the start of actual synergy between Hanwha and Hanwha SolarOne.
RIE (Reactive Ion Etching) technology is totally different from the existing PV cell producing process. It uses plazma instead of chemical to etch the surface of the wafer to reduce the reflexibility and increase the conversion efficiency. Hanwha Chemical R&D center started its study setting up the pilot facility in Photovoltaic technologies research center located in Daejeon, Korea in 2009 and succeeded in developing this technology at the end of 2010.
On top of that, Hanwha Chemical acquired shares in 1366 Technologies which is developing direct wafer technology, new technology to reduce the PV cell cost by 30% compared to the existing way to produce.
Hanwha is trying to grow Hanwha SolarOne to be a global leading solar company combining the technological base of Hanwha and financial firepower with the experience and world-wide sales channel of Hanwha SolarOne. To reach this goal, Hanwha will expand the module capacity of Hanwha SolarOne investing USD 6bil by 2020.
Hanwha SolarOne also recruit Dr. Christenson, a guru of PV R&D industry as a CTO of Hanwha SolarOne to keep a technological leadership. Dr. Christensen is going to visit Hanwha Chemical R&D center and have a meeting with researchers of Hanwha Chemical at the end of this year and starts his job from 1st of Jan. 2011.
Separately, Hanwha invites core managers of Hanwha SolarOne to Group training center located in Gapyung, Korea and gave them lectures regarding history and management philosophy of Hanwha and chance to look around the business venue of main affiliates.