China’s Hanergy acquires US-based Global Solar Energy

Hanergy Holding Group, China's largest non-state-owned clean energy company, today acquired US-based Global Solar Energy Inc, for an undisclosed sum.

The acquisition was made after Beijing-based Hanergy received approval from the US Committee on Foreign Investment, the National Development and Reform Commission and regulators in the US and China.

Arizona-based Global Solar is a manufacturer using the leading global copper indium gallium diselenide (CIGS) solar technology and is one of just a few producers able to manufacture flexible CIGS solar cells on a commercial scale in the world.

Its products are applied in a variety of areas including integrated photovoltaic, rooftop solar systems, electronic vehicles and other portable solar products.

 Global Solar will continue to operate in the US, but as a wholly-owned subsidiary of Hanergy.

In the past year, Hanergy has acquired Silicon Valley start-up Solibro and Germany's MiaSolé; both leading players in the CIGS technology field.

Hanergy said that the acquisition of Global Solar closes the loop of the company's strategic consolidation of technologies that combine the competitive advantages of flexible thin-film PV modules and large scale production.

''It also demonstrates Hanergy's continued leadership and commitment to developing advanced thin-film technology, and is a further step in its investment in leading CIGS technology and efficient alternative cell materials,'' Hanergy said in a statement.

Commenting on the acquisition, Li Hejun, chairman of Hanergy, said, ''Flexible and thin-film photovoltaic technology is the future and the trend of the industry. The acquisition of GSE marks another landmark deal for us after MiaSole and Solibro. Together these complete the circle of Hanergy's global technology integration strategy, meaning we now have the ability to accelerate the development and large-scale application of our high-efficiency flexible CIGS modules.''

Jeff Britt, CEO of Global Solar, ssaid, "We are pleased to join with Hanergy, which we believe will best leverage our unique products and technologies to complement Hanergy's existing ones. Together we are well positioned to implement Hanergy's strategy of accelerating the growth of the flexible solar market and exploit new market potentials."