Hanwha Group Launches Hanwha Q CELLS

New Synergies Establish the Hanwha Group as a Top Three Global Solar Company

[Bitterfeld-Wolfen, 24 October, 2012] Hanwha Group, a top 10 Korean business group and Fortune Global 500 company with businesses in manufacturing, construction, finance, retail and resorts, today launched Hanwha Q Cells. The launch marks the completion of the acquisition of German solar company Q Cells, one of the worlds’ largest solar cell manufacturers and a leading photovoltaics company. Mr. Charles Kim will lead Hanwha Q Cells as CEO, joining the company from Hanwha SolarOne. Mr. Min Su Kim will replace Mr. Charles Kim as the president of Hanwha SolarOne and joins the company from Hanwha Group.

The launch of Hanwha Q Cells establishes Hanwha as the third largest solar manufacturer in the world. Hanwha’s 2.3 GW of manufacturing capacity is distributed across Germany, Malaysia and China, a competitive advantage to supply any region in the world, free of trade sanctions. “The synergies between Q.CELLS and Hanwha offer a rare pportunity to quickly build a world leading solar company,” said Charles Kim, CEO of Hanwha Q CELLS. “The Q.CELLS track record of quality, innovation and excellence align with Hanwha Group’s financial resources, manufacturing expertise and global customer network to form one of the strongest solar companies in the world, ready to lead the industry into a new era.”

The launch of Hanwha Q CELLS follows strategic investments by the Hanwha Group to broaden solar offerings to the system and accelerate technology developments ranging from advanced cell technology to system optimization for lowering LCOE (Levelized Cost of Electricity), EPC (Engineering, Procurement and Construction), and project development capabilities. These strategic investments include innovative companies like Crystal Solar, 1366 Technologies, tenKsolar, Silent Power and OneRoof Energy. Hanwha Group also established Hanwha SolarEnergy in 2011 to deliver integrated solar power plant solutions encompassing development, construction, operation and project financing, in addition to the recently opened €10 million advanced R&D center in Silicon Valley, Calif., U.S. in April 2012. With the launch of Hanwha Q.Cells, Hanwha now has four R&D centers around the world.

“With a 60-year track record of industrial leadership, Hanwha Group is committed to becoming a global leader in addressing the energy challenges of a dynamic global conomy,” said Ki-Joon Hong, CEO of Hanwha SolarOne and vice chairman of Hanwha Chemical. “Our commitment to solar extends beyond building a successful business. We are dedicated to making solar the most reliable source of energy on Earth.”

Hanwha Group acquired the following assets from Q.CELLS:

· Headquarters, R&D center and administrative operations in Germany
· 200 MW cell and 120 MW module manufacturing facilities in Germany
· 800 MW cell manufacturing facility in Malaysia
· Entities in the U.S., Australia and Japan
· 34 patents
· 1,225 employees

The launch was celebrated today at an event in Bitterfeld-Wolfen, Germany.

For more information:

Hanwha Presseservice
A&R GmbH
Landshuter Allee 10
D-80637 München
Tel: +49 (0)89 413 01 753
Email: HanwhaGermany@arpartners.com

John Xi
PR & Advertising Manager Hanwha SolarOne
Tel: +86 21 385 215 21
Email: john.xi@hanwha-solarone.com

Hanwha Q CELLS
OT Thalheim
Sonnenalle 17-21
D-06766 Bitterfeld-Wolfen
Fax: +49 (0)3494 6699 10000

For more information:

Hanwha Q CELLS Corporate Communications
Jochen Endle
Tel: +49 (0)3494 6699 10118
Email: j.endle@q-cells.com

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/en/qcells-office

Hanwha SolarOne

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

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

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