Hanergy Completes Acquisition of Alta Devices
Plans to accelerate commercialization of the world’s most efficient(30.8%)thin film solar technology
[Beijing, August 13], 2014 – Hanergy Holding Group Limited (“Hanergy”, the “Company” or the “Group”), a multinational clean-energy power generator and the world’s leading thin-film solar company, today announced that it has completed the acquisition of Alta Devices, whose thin film solar technology has a conversion efficiency of 30.8%, the highest among the solar energy technologies currently available in the world.
Chairman and CEO of Hanergy Li Hejun said, “Alta Devices’ thin film solar technology allows more energy to be produced in lower light conditions than any other type of solar cell, giving it greater potential to power a wide range of mobile devices and equipment from phones to cars. It has the potential to change the way solar energy is used. This acquisition advances Hanergy’s goal to become the world leader in the solar technology of the future.”
Chris Norris, President and CEO of Alta Devices, said, “This successful acquisition is built upon Alta Devices’ and Hanergy’s shared belief that flexible, thin-film solar technology represents the future of the solar industry. The combination of our world-class solar cell R&D capability and Hanergy’s technology, research and capital resources will help us further improve the performance of our technology, increase production capacity and expand applications.”
Both companies’ R&D teams will join forces to further develop Alta Devices’ technology to serve the mobile and wearable tech market with reliable, high-efficiency solar-power solutions and applications. The acquisition will build on Hanergy’s continuous efforts in recent years to enhance thin-film solar innovation, and improve the efficiency and applicability of clean energy through the integration of world-leading thin-film solar technologies.
In particular, Hanergy plans to actively expand the application of Alta Devices’ products in various mobile power application areas, ranging from emergency charging of mobile phones, to the automotive sector and the Internet of Things.
Alta Devices’ use of gallium arsenide (GaAs) allows its dual- and single-junction solar cells to produce record-breaking conversion efficiencies of 30.8% and 28.8% respectively, as certified by the U.S. National Renewable Energy Laboratory (NREL).
On a same surface area basis, its cells produce a power output two to three times higher than standard flexible thin-film cells, 8% higher than mass-produced monocrystalline silicon cells, and 10% higher than multicrystalline silicon cells.
Alta Devices’ single-junction GaAs thin-film solar cells are already in production. Following the acquisition, Alta Devices will continue to operate independently as a wholly-owned subsidiary of Hanergy. Hanergy will also work with Alta Devices to develop international markets and enhance its cooperation with key strategic customers.
In recognition of its uniquely innovative combination of high technology and energy, in 2014 Hanergy was the only Chinese energy company named among the “World’s Smartest Companies” by the MIT Technology Review, the world’s longest-running technology industry publication. In 2012 and 2013, the same publication named Alta Devices among the “World’s Most Disruptive Companies”.
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About Alta Devices
Alta Devices holds world records for both cell and module conversion efficiency. It delivers the world’s most efficient, thin and flexible mobile power technology. Converting light into electricity, Alta's technology extends the energy source of a system, and in many cases, completely cuts the traditional power cord. The solution can be completely integrated into the final system, and is ideal for use in consumer electronics, automotive, remote exploration, or anywhere size, weight, and mobility matter.
Hanergy Holding Group Ltd. is China's largest private clean-energy power generation company, as well as the world's largest thin-film solar company.Established in 1994, the Company is headquartered in Beijing and has more than 8,000 employees. It has branches in several provinces in China as well as in North America, Europe, Asia-Pacific and other regions. Its businesses cover hydropower, wind power, and photovoltaic power generation. Since its establishment, Hanergy has been committed to "Clean Energy for a Better World? At present, its total installed capacity of hydropower project exceeds 6GW, and its total installed capacity of wind power projects is 131MW. In the field of solar energy, Hanergy has invested in the construction of thin-film solar industry R&D and manufacturing bases in Sichuan, Guangdong, Hainan, Zhejiang, Shandong, Jiangsu and other places, with a total production capacity of 3GW. Through global technical integration and independent innovation, Hanergy’s thin-film photovoltaic technology has reached international advanced levels, with the conversion efficiency of its copper indium gallium selenide (CIGS) modules reaching 15.5%.Hanergy has entered into solar-power plant construction agreements that total a capacity of about 10GW. These projects are located in Xinjiang, Qinghai, Ningxia, Jiangsu, Hainan, Shandong, Hebei and other provinces as well as in European countries. Hanergy engages in the integration of the entire photovoltaic industry chain, covering R&D, high-end equipment manufacturing, PV module production and construction of photovoltaic power plants. For more information, please visit Hanergy