|Hanwha acquires stakes in two U.S.-based solar energy companies|
Hanwha is strengthening its global competitiveness in the solar energy business by investing $23 million in solar energy companies.
Hanwha International LLC in New Jersey recently acquired a stake in OneRoof Energy, a provider of lease programs for rooftop PV systems for households, for $8 million.
OneRoof Energy’s business includes leasing and financing services for residential rooftop PV system, making the system widely available to the U.S. customers.
With the recent increase in the number of solar leasing companies, the residential solar generator market is expected to grow 30% per year.
Acquisition of OneRoof Energy’s shares will, thus, allow Hanwha to strengthen its position in the solar energy market in the U.S.
In September, Hanwha also acquired a stake in Crystal Solar, a solar technology venture, for $15 million as a strategic investment into solar energy technologies.
Crystal Solar is a solar energy venture company located in Silicon Valley, and it possesses a technology that produces wafers directly from silane gas without processing them into Polysilicon and ingot.
Once the direct wafer technology is commercialized within the expected 2-3 years, it will significantly cut the cost in wafer manufacturing process and enable the production of thin-wafers as well.
Hanwha continues to invest in the solar energy business to secure global market competitiveness.
Hanwha provides total solar solutions to customers with its vertically-integrated business model, including Hanwha SolarOne in solar energy plant business and the construction of 10,000-ton polysilicon plant. The acquisition of OneRoof Energy will now allow Hanwha to expand its market share in the U.S. residential solar energy business.
Hanwha’s combined commitment to growth in the U.S. solar energy market through the acquisitions of stakes in a solar venture ‘1366 Tecnology’ , ‘Crystal Solar’, and the establishment of solar energy R&D center Hanwha Solar America in March 2011 will enable Hanwha to consolidate its position as global solar technology leader.
*Crystal Solar Inc. is in the process of developing technologies to eliminate Polysilicon and ingot processing stages.