Hanwha Q CELLS Co.
Ltd. (NASDAQ: HQCL) is one of the world’s largest and most recognizable
manufacturers of high-efficiency solar cells and modules. With headquarters in
both Seoul, South Korea, and Thalheim, Germany, along with a diverse collection
of manufacturing facilities spanning Korea, Malaysia and China, HQCL is
strategically positioned to address rising solar demand in markets around the
globe. The company’s product line includes a full spectrum of photovoltaic
products, applications and solutions, ranging from solar modules and kits to
large scale solar power plants. HQCL is also engaged in downstream development
and EPC (engineering, procurement and construction) business.
HQCL originally
burst onto the global solar scene in February 2015 as the result of a merger of
two of the world’s most recognized photovoltaic manufacturers, Hanwha SolarOne
and Hanwha Q CELLS. Since the merger, the combined company has leaned on a
diverse international production footprint and respected ‘Engineered in
Germany’ technology to seamlessly address all global markets while promoting
rapid financial growth. In March, HQCL offered additional insight into its
financial performance when it released its financial results for the 2015
fiscal year. Of particular note, the company’s total module shipments exceeded
3,300 MW, which was an increase of 60 percent from the combined 2,065 MW the
two businesses shipped pre-merger in 2014. Net income attributable to HQCL’s
ordinary shareholders was $44 million for FY 2015.
“We are pleased to
report a successful, transitional financial and operational results for full
year 2015 highlighted by a return to net profitability and record high total
module shipments as we celebrate the first full year since the merger between
former Hanwha SolarOne and Hanwha Q Cells Investment,” Seong-woo Nam, chairman
and chief executive officer of HQCL, stated in a news release. “We have started
2016 with the strongest foundation in the Company’s history as we continue to
enhance our core competitiveness in terms of manufacturing cost, operational
efficiencies, product quality and technology.”
In recent months, HQCL
has continued to capitalize on its status as a globally recognized brand while
turning its attention toward the future of the solar industry. In April, the
company announced its entry into a 5-year supply agreement with 1366
Technologies, Inc., a leading developer of practical manufacturing solutions
that increase the efficiency of solar supply chains. Under the terms of this
agreement, HQCL will purchase up to 700 MW of wafers manufactured with 1366’s
proprietary Direct Wafer™ technology, a transformative manufacturing process
offering significant cost savings over traditional cast-and-saw wafer
production technologies. The deal followed a year-long strategic partnership
between the companies focused on commercializing Direct Wafer™ technology.
“This agreement
aligns with our continuing efforts to bring about world leading technologies
that enable solar energy to be more competitive and more affordable,” Nam
stated. “We are pleased with the progress we have made together during the past
year and excited about the potential of 1366’s Direct Wafer™ products with
Hanwha’s cell and module technologies to deliver further cost reductions and
LCOE competitiveness to standard multi-crystalline wafer-based modules.”
With an established
and growing foothold in major solar markets around the globe, HQCL is primed to
benefit from the strong performance of the solar power space moving forward.
According to Mercom Capital Group (http://dtn.fm/0R8xG), global installations
of solar photovoltaic systems are expected to exceed 64.7 gigawatts this year,
led by strong growth in China, the United States and Japan.
For more
information, visit www.hanwha-qcells.com
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