Chinese solar giant Hanergy has taken over U.S. CIGS manufacturer Global Solar Energy (GSE).
Beijing-based Hanergy said on Thursday that it had completed the equity acquisition of Tucson, Arizona-based Global Solar. The purchase follows approval from the U.S. Committee on Foreign Investment and the National Development and Reform Commission, the regulators governing cross-border acquisitions in the U.S. and China, respectively.
Hanergy said GSE was one of just a few producers in the world with the capability of manufacturing flexible CIGS solar cells on a commercial scale. The companys products are applied in a variety of areas, including integrated photovoltaic (BIPV), rooftop solar systems, electronic vehicles and other portable solar products.
GSE marks the latest acquisition for Hanergy in the CIGS technology field: in the past year the Chinese group has taken over Solibro in Germany and California thin film manufacturer MiaSolé, two leading players in the sector.
"Those transactions took the conversion rate of Hanergy’s thin film PV modules to an unrivalled 15.5%," Hanergy said in a statement. "The acquisition of GSE closes the loop of Hanergys strategic consolidation of technologies that combines the competitive advantages of flexible thin film PV modules and large scale production."
Hanergy Chairman Li Hejun added, "Flexible and thin film photovoltaic technology is the future and the trend of the industry."
Li said Hanergy’s acquisitions of GSE, MiaSolé and Solibro complete the circle of the group’s global technology integration strategy. "[W]e now have the ability to accelerate the development and large-scale application of our high-efficiency flexible CIGS modules. The cost-effectiveness and wide application of this technology make it a great step forward for Hanergys development in large-scale solar energy generation and distribution."
Global Solar CEO Jeff Britt said the new parent company would "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."
Global Solar will continue its operations in the U.S. following its acquisition.