Hanwha Enters Polysilicon Business
Hanwha Group has decided to enter polysilicon business, which will enable the company to complete its vertical intergation from polysilicon to solar power generation in the solar business, the groups next growth engine.
[11 April, 2011] Hanwha Chemical Corporation (HCC) held a board meeting in Seoul, during which it decided to construct a polysilicon production facility.
After a period of preparation, HCC will begin building the facility in the first quarter of 2012 in the Yeosu Industrial Complex. Operations will begin second half of 2013. HCC is expecting sales of 500 billion won annually. Total investment of the facility will be approximately 1 trillion won.
This investment will strengthen Hanwha’s solar business, giving it complete vertical integration in the photovoltaic value chain, with capabilities in polysilicon, ingots, wafers, photovoltaic cells and modules.
An independent manufacturing facility for polysilicon, a core material for PV cell, will supply most of HCC’s internal polysilicon demand. This will help Hanwha secure stability and cost competitiveness at a time of economic turbulence.
HCC began by vertically integrating the manufacturing segment of its solar production, giving it strength to vertically integrate its downstream manufacturing as well. This led to the formation of Hanwha Solar Energy, an affiliate company for solar power generation.
HCC’s acquisition of Solarfun Power Holdings last August, renamed Hanwha SolarOne, enabled the company to obtain a solid foothold toward becoming one of the largest PV manufacturers in Korea and the world. Hanwha SolarOne is ranked 4th in the world in terms of module production.
Hanwha SolarOne currently produces 400 MW of ingots and wafers. It will expand its 500 MW and 900 MW PV cell and module facilities to 1.3 GW and 1.5 GW, respectively. In addition, a 2 GW PV cell and module manufacturing facility will be built in two phases in China’s Nantong Economic and Technological Development Area. It will complete the 1 GW first phase by the end of 2012.
Last March, Hanwha Group established a solar R&D center, Hanwha Solar America, in the Silicon Valley. This completed the company’s solar R&D network encompassing Korea, China and America.
Hanwha will strategically expand its solar power generation business spectrum into North America and Europe, leveraging its solar cell manufacturing and R&D network to become a global leader in photovoltaic technology.
Hanwha SolarOne Co., Ltd. (NASDAQ: HSOL) is one of the top 10 photovoltaic module manufacturers in the world, providing cost-competitive, high quality PV modules. It is a flagship company of Hanwha Group, one of the largest business enterprises in South Korea. Hanwha SolarOne serves the utility, commercial, government and residential markets through a growing network of third-party distributors, OEM manufacturers and system integrators. The company maintains a strong presence worldwide, with a global business network spanning Europe, North America, Asia, South America, Africa and the Middle East. As a responsible company committed to sustainability, Hanwha SolarOne is an active member of the PV Cycle take-back and recycling program.
For more information, visit: investors.hanwha-solarone.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 325 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
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