Press Release Clean Energy & Ocean Solutions

Solarfun Powerholdings Becomes Hanwha SolarOne

December 21, 2010

Solarfun renamed as Hanwha SolarOne in 2011

  • Amplify the synergy between Hanwha and Solarfun with CI change
  • Expand its PV cell capacity to 1.3 GW and module capacity to 1.5 GW to be global leading solar company
  • Apply RIE(Reactive Ion Etching) and SE(Selective Emitter), new technology to improve the conversion efficiency by 1% and increase the operating profit by USD0.3bil a year
  • Dr. Christensen, guru in PV R&D industry, join to Solarfun as a CTO from 2011 and lead the technical strategy of Solarfun

Hanwha Chemical Corporation (“HCC”, KOSPI: KS009830) today announced that Solarfun Power Holdings (NASDAQ: SOLF, “Solarfun”), agreed to change Corporate Identification of Solarfun as ‘Hanwha SolarOne’ using symbol mark and logo of Hanwha group with approval of Solarfun’s Board at THE PLAZA in Seoul on 16th December 2010.

Hanwha Chemical, the largest shareholders of Solarfun commented “new company name will solidify to maintain mutually beneficial cooperative relationship” and “huge investments in capabilities and developments in high technologies lead Hanwha SolarOne to one of the leading players in solar industry with global synergies from both parties.

For further step, Hanwha SolarOne is going to expand its PV cell capacity to 1.3 GW and module capacity to 1.5 GW next year and successfully finished the recapitalization of USD 83mil for this expansion.

Hanwha SolarOne also schedule to apply RIE (Reactive Ion Etching) and SE (Selective Emitter) technologies on the PV cell production line from 2011. Hanwha SolarOne believe they can increase the conversion efficiency by 1% and operating profit by USD 0.3bil applying these technologies. RIE technology has been developed by Hanwha Chemical R&D center and this adaptation will be the start of actual synergy between Hanwha and Hanwha SolarOne.

RIE (Reactive Ion Etching) technology is totally different from the existing PV cell producing process. It uses plazma instead of chemical to etch the surface of the wafer to reduce the reflexibility and increase the conversion efficiency. Hanwha Chemical R&D center started its study setting up the pilot facility in Photovoltaic technologies research center located in Daejeon, Korea in 2009 and succeeded in developing this technology at the end of 2010.

On top of that, Hanwha Chemical acquired shares in 1366 Technologies which is developing direct wafer technology, new technology to reduce the PV cell cost by 30% compared to the existing way to produce.

Hanwha is trying to grow Hanwha SolarOne to be a global leading solar company combining the technological base of Hanwha and financial firepower with the experience and world-wide sales channel of Hanwha SolarOne. To reach this goal, Hanwha will expand the module capacity of Hanwha SolarOne investing USD 6bil by 2020.

Hanwha SolarOne also recruit Dr. Christenson, a guru of PV R&D industry as a CTO of Hanwha SolarOne to keep a technological leadership. Dr. Christensen is going to visit Hanwha Chemical R&D center and have a meeting with researchers of Hanwha Chemical at the end of this year and starts his job from 1st of Jan. 2011.

Separately, Hanwha invites core managers of Hanwha SolarOne to Group training center located in Gapyung, Korea and gave them lectures regarding history and management philosophy of Hanwha and chance to look around the business venue of main affiliates.

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.

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Hanwha Chemical

Established in 1965, Hanwha Chemical is a total solutions chemical company with streamlined production systems for polyethylene (PE), polyvinyl chloride (PVC), and chlor-alkali (CA). As South Korea’s leading petrochemical company, we dominate the nation’s chemical industry with high-quality PVC, CA, and linear low-density polyethylene (LLDPE) that we offer at competitive prices.

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Hanwha Group

Founded in 1952, Hanwha has grown quickly by anticipating and responding to changing business environments with a balanced business portfolio that includes energy & materials, aerospace, finance and retail & services. Our expertise and synergy in key areas have catapulted us into the seventh-largest business in South Korea and a Fortune Global 500 company. Hanwha continues to grow rapidly as we strive to pursue global leadership in all of our businesses. We are building a robust foundation for sustainable development and a brighter future for everyone.

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