Hanwha Makes Strategic Investments in OneRoof Energy and Crystal Solar
[22 September, 2011] Hanwha Group announced an investment of $23 million in two solar energy companies, OneRoof Energy and Crystal Solar, both in the United States. These investments add to Hanwha’s global strength in the solar energy business, giving it a valuable foothold in the U.S. market. Hanwha International, LLC recently acquired a stake worth $8 million in OneRoof Energy, a company that specializes in leasing and financing for rooftop photovoltaic systems, making them more easily available to U.S. customers. The market for solar leasing companies is expanding as residential installations are expected to grow by approximately 30 percent annually.
In early September, Hanwha also acquired a strategic stake in Crystal Solar, a Silicon Valley solar technology venture, for $15 million. Crystal Solar’s technology allows the company to produce wafers directly from silane gas without processing them first into Polysilicon and ingots.
Once the direct wafer technology is commercialized within two to three years, it will significantly cut the cost of wafer manufacturing and enable the production of thin-wafers as well.
Hanwha will continue to make strategic global investments in the solar energy industry. Hanwha provides total solar solutions to customers with its vertically-integrated business model, combining the strengths of its solar energy plant business Hanwha SolarOne and its polysilicon company, Hanwha Chemical, expecting an annual polysilicon production of 10,000 tons by 2013 in its Yeosu plant.
Hanwha’s latest acquisitions are part of a larger strategy. The company also took a stake in solar venture 1366 Technology in October 2010 and established a solar energy R&D center called Hanwha Solar America in March 2011.
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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