MiaSole is a California-based manufacturer of copper indium gallium selenide (CIGS) thin-film photovoltaic solar panels.
Hanergy’s US acquisition follows its purchase of German thin-film maker Solibro last year and now makes Hanergy one of the world’s largest clean-energy companies, the company said.
Hanergy expects with additional investment and commercial execution that MiaSole’s value will exceed 2 billion US dollars.
The China-US strategic partnership follows a 9-month search by MiaSole, which has already attracted more than $550 million from investors including KPCB, Vantage Point and other significant venture investors.
The acquisition will significantly boost the operations of MiaSole. Upon completion of the transaction, Hanergy plans to ramp up MiaSole’s California-based factory to full capacity. The Sunnyvale plant’s 100-plus employees in engineering, technology and manufacturing will be preserved, and Hanergy expects to hire additional employees. Additionally, Hanergy will make sustained investment in MiaSole’s R&D.
“Our acquisition of MiaSole is another landmark deal and key milestone to facilitate the global clean-energy technology integration after we acquired German thin-film technology provider Solibro,” said Li Hejun, chairman of Hanergy Holding Group.
Hejun further said, “The future of solar energy is thin-film technology. This acquisition allows us to add a highly efficient flexible product to our portfolio. Hanergy’s vision to lead CIGS technology globally and its combined strength with Solibro and MiaSole, now make for a diversified and compelling product, which will be offered to a global customer base.”
John Carrington, CEO of MiaSole, added, “This acquisition of MiaSole is a win-win outcome for both companies. Hanergy will secure our CIGS technology, which boasts the world’s highest conversion efficiency, to complement its existing technologies and promote the company’s leap-forward development in its global technological integration. MiaSole will enjoy a fully optimized capital structure, enabling us to focus on R&D and capacity breakthroughs, and become more competitive by riding on Hanergy’s global advantages.”