1366 Technologies and Hanwha Q CELLS Form Strategic Partnership to Develop and Commercialize Direct Wafer Technology™
- Partnership reflects joint mission to meet global demand for high-performance,
[Bedford, MA and Thalheim, Germany, 5 March, 2015] 1366 Technologies and Hanwha Q CELLS (NASDAQ:HQCL) today announced that they have entered into a long-term strategic partnership to jointly advance the efficiency and quality of solar cells while dramatically reducing their costs. The two companies will collaborate on the development of 1366's proprietary Direct Wafer™ Technology with the intent to commercialize and use Direct Wafers™ in Hanwha Q CELLS' world-renowned solar cells.
Upon successful commercialization of the Direct Wafer™ technology, the companies expect to expand the partnership. Among others, the potential options include the supply of Direct Wafers™ from 1366's manufacturing facilities to Hanwha Q CELLS.
"Our mission at Hanwha Q CELLS is to be at the forefront of photovoltaic technology and to rapidly translate innovation into mass production," said Seong Woo Nam, CEO, Hanwha Q CELLS. "1366's Direct Wafer™ technology is innovation at its best. We strongly believe in its potential to be commercialized in order to deliver significant cost reductions and quality improvements at the same time."
"It is a powerful endorsement of our technology that Hanwha Q CELLS has recognized the high potential of our technology to advance cell performance and drive down the cost of photovoltaics," said Frank van Mierlo, CEO, 1366 Technologies. "Hanwha Q CELLS is recognized globally for its commitment to innovation and quality, setting many technical standards for the industry. We couldn't be more proud to combine our resources with a company that's long stood at the center of the global solar revolution. It's an ideal fit."
1366 Technologies' Direct Wafer™ forms multi-crystalline wafers directly from molten silicon instead of today's multi-step, energy- and capital-intensive process. The result is a uniformly better wafer, created at one-half the cost. The technology also has the enormous benefit of being a "drop-in" replacement for 60 percent of the photovoltaics market, making it seamless for cell and panel manufacturers to readily adopt the technology without adding a single new piece of equipment. 1366 Technologies remains on track to build a 250 MW commercial facility in the United States. Construction is scheduled to begin in Q3 of 2015. To date, the Company has raised more than $64 million from private investors including The Hanwha Group, which participated in the Company's Series B round in 2010.
For more information:
Hanwha Q CELLS
Hanwha Q CELLS is a total solar power solution provider with the world's largest cell production capacity. Our business scope ranges from the midstream of ingots, to wafers, cells, and modules, to downstream solar solutions for residential, commercial buildings, and solar power plants.
For more information, visit: www.hanwha-qcells.com
Hanwha Group, founded in 1952, is one of the Top-Ten business enterprises in South Korea and a “FORTUNE Global 500” company. Hanwha Group has 61 domestic affiliates and 258 global networks in three major sectors: manufacturing and construction, finance, and services and leisure. With more than 65 years track record of industrial leadership, Hanwha’s manufacturing and construction businesses encompass a broad range of fields from chemicals & materials, aerospace & mechatronics, total solar energy solutions, and global construction. The finance network, covering insurance, asset management and securities, is the second largest non-bank financial group in South Korea. The services and leisure sector offers premium lifestyle services with retail and resort businesses.
For more information, visit: www.hanwha.com
1366 Technologies aims to deliver solar at the cost of coal. The company combines breakthrough technology innovations with lean manufacturing processes to make a new class of silicon wafers, the building blocks of solar cells, at a fraction of today's cost. Developed by a veteran team of scientists, engineers and entrepreneurs, the company's novel approach breaks the historic efficiency and cost tradeoffs of photovoltaics. 1366 Technologies is headquartered in Bedford, MA.
For more information, visit: www.1366tech.com
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995.These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Hanwha Q CELLS filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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