Hanwha Q CELLS Co. Ltd. (NASDAQ: HQCL) is one of the world’s largest and most recognizable manufacturers of high-efficiency solar cells and modules. With headquarters in both Seoul, South Korea, and Thalheim, Germany, along with a diverse collection of manufacturing facilities spanning Korea, Malaysia and China, HQCL is strategically positioned to address rising solar demand in markets around the globe. The company’s product line includes a full spectrum of photovoltaic products, applications and solutions, ranging from solar modules and kits to large scale solar power plants. HQCL is also engaged in downstream development and EPC (engineering, procurement and construction) business.
HQCL originally burst onto the global solar scene in February 2015 as the result of a merger of two of the world’s most recognized photovoltaic manufacturers, Hanwha SolarOne and Hanwha Q CELLS. Since the merger, the combined company has leaned on a diverse international production footprint and respected ‘Engineered in Germany’ technology to seamlessly address all global markets while promoting rapid financial growth. In March, HQCL offered additional insight into its financial performance when it released its financial results for the 2015 fiscal year. Of particular note, the company’s total module shipments exceeded 3,300 MW, which was an increase of 60 percent from the combined 2,065 MW the two businesses shipped pre-merger in 2014. Net income attributable to HQCL’s ordinary shareholders was $44 million for FY 2015.
“We are pleased to report a successful, transitional financial and operational results for full year 2015 highlighted by a return to net profitability and record high total module shipments as we celebrate the first full year since the merger between former Hanwha SolarOne and Hanwha Q Cells Investment,” Seong-woo Nam, chairman and chief executive officer of HQCL, stated in a news release. “We have started 2016 with the strongest foundation in the Company’s history as we continue to enhance our core competitiveness in terms of manufacturing cost, operational efficiencies, product quality and technology.”
In recent months, HQCL has continued to capitalize on its status as a globally recognized brand while turning its attention toward the future of the solar industry. In April, the company announced its entry into a 5-year supply agreement with 1366 Technologies, Inc., a leading developer of practical manufacturing solutions that increase the efficiency of solar supply chains. Under the terms of this agreement, HQCL will purchase up to 700 MW of wafers manufactured with 1366’s proprietary Direct Wafer™ technology, a transformative manufacturing process offering significant cost savings over traditional cast-and-saw wafer production technologies. The deal followed a year-long strategic partnership between the companies focused on commercializing Direct Wafer™ technology.
“This agreement aligns with our continuing efforts to bring about world leading technologies that enable solar energy to be more competitive and more affordable,” Nam stated. “We are pleased with the progress we have made together during the past year and excited about the potential of 1366’s Direct Wafer™ products with Hanwha’s cell and module technologies to deliver further cost reductions and LCOE competitiveness to standard multi-crystalline wafer-based modules.”
With an established and growing foothold in major solar markets around the globe, HQCL is primed to benefit from the strong performance of the solar power space moving forward. According to Mercom Capital Group (http://dtn.fm/0R8xG), global installations of solar photovoltaic systems are expected to exceed 64.7 gigawatts this year, led by strong growth in China, the United States and Japan.
For more information, visit www.hanwha-qcells.com
