Hanergy

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Hanergy Holding Group Ltd.
Native name
汉能控股集团有限公司
Private
Industry Clean energy
Founded 1994 (Beijing)
Headquarters Chaoyang District, Beijing, China
Key people
Li Hejun
(Chairman and CEO)
Products Hydropower, wind power, thin-film solar power[1]
Number of employees
10,000+
Divisions China, Americas, Europe, Middle East, Asia-Pacific, Africa[1]
Subsidiaries Hanergy Thin Film Power Group Limited
Miasolé
Solibro
Global Solar Energy
Alta Devices
Website www.hanergy.com/en

Hanergy is a privately held Chinese multinational renewable energy company founded in 1994 by Li Hejun, headquartered in Beijing. It is active in solar, wind and hydropower generation. According to its own company literature, it is the world's largest thin-film solar power company.[1] The chairman and CEO is Li Hejun, previously ranked by Forbes magazine as the richest man in China until a plummeting stock price and subsequent regulatory investigation wiped billions of dollars off his net worth.[2][3] Hanergy was ranked No. 23 in the 2014 list of 50 Smartest Companies by MIT Technology Review, noting "the Chinese energy company is snapping up advanced solar technologies at fire-sale prices."[4] The company has since become infamous globally for its shocking stock implosion and subsequent unraveling, drawing comparison from some observers to the scandalous U.S. energy firm Enron.[5]

On May 20, 2015, the firm's Thin Film shares were suspended after crashing by 47%.[6][7] On May 28, Hong Kong's market regulatory body, the Securities and Futures Commission (SFC) took the unusual step of publicly announcing an investigation into the company, after Hanergy Chairman Li Hejun vehemently denied the possibility in an interview aired by state-broadcaster Xinhua.[8] Following this, on July 15, 2015, the SFC ordered suspension of all Hanergy shares, a move that prevented the firm from relisting on its own will.[9] This announcement was promptly followed by Hanergy's own statement, saying that the SFC's requests for information about the financial viability of its unlisted parent company and the private loans of its largest shareholder, Li Hejun, were unreasonable and outside its powers to obtain. It stated it would appeal the decision and take legal action if necessary.[10][11]

History[edit]

After its founding and successful foray into hydropower, Hanergy entered the thin-film solar industry in 2009. In 2012, Hanergy acquired US-based Miasolé for a reported $30 million.[12] In 2012, Hanergy acquired Germany-based Q-Cells subsidiary Solibro. The Copper indium gallium selenide solar cells manufacturer supplies small-scale rooftop PV systems, or "residential kits" that were sold by IKEA in the Netherlands, Switzerland and in the United Kingdom.[13] However, on November 1, 2015, IKEA announced that it would no longer be partnering with Hanergy on the project, dealing a blow to the firm's global ambitions.[14]

In 2013, Hanergy acquired US-based Global Solar Energy.[15] In 2014, Hanergy acquired US-based "Alta Devices".[16]

In late August 2015, the company announced that it would restructure and cut one-third of its work force,[17] and in a Sep. 2015 speech commemorating the 21st anniversary of Hanergy, Li Hejun reportedly said the stock implosion and trading halt had caused him "huge" personal loss, and accused "short sellers" as being the only ones with anything to gain from the dilemma. Despite this, he encouraged employees and partners to have continued faith in Hanergy.[18]

In its 2015 annual report made public on March 31, 2016,[19] Hanergy Thin Film posted its first loss since 2009, recording a net loss of US $1.58 billion and prompting the firm's external auditor, Ernst & Young, to question its ability to continue as a going business.[20][21]

Hanergy plans to build and sell solar cars with equipped lithium-ion electric vehicle battery. The company signed a framework agreement with Beiqi Foton Motor Co. to develop electric buses with Hanergy’s thin-film cells.[22][23][24]

In July 2017, Hanergy Thin Film Power launched a solar-embedded roof tile “Hantile”, the first such to be mass produced in China, in a move to meet China’s increasing demand for distributed solar market. [25]

In August 2017, Hanergy signed a Memorandum of Understanding on Strategic Cooperation in Thin Film Solar Cell Technology with AUDI AG. Under the agreement, Hanergy will work with Audi to integrate thin-film solar cells in the panoramic roof of future Audi models.[26][27]

In Sep. 2017, a delegation headed by CEO of Dubai Electricity and Water Authority (DEWA) visited Hanergy Holding Group’s headquarters in Beijing. The two parties focused on renewable and clean energy and its development, and enhancing opportunities for joint investment. The delegation came to China to build ties with Chinese renewable and clean energy and smart services and smart grid companies and the Chinese government. [28] [29]

On Sept. 22 2017, Hanergy announced the signing of a strategic agreement with bike-sharing company MTbike. Under the partnership, Hanergy will integrate thin-film solar panels into the body of over ten million bicycles in the next three years to meet the electricity demand of their smart lock systems. Other than MTbike, Hanergy previously also signed similar partnership with Mobike and 99 Bicycle. [30]

In 2018, Hanergy has teamed with Bolloré Group to build solar electric vehicles.[citation needed]

See also[edit]

References[edit]

  1. ^ a b c "About Us". Official website of Hanergy Holding Group Ltd. Retrieved 21 February 2015.
  2. ^ "Hanergy Holdings Group Company Ltd". Businessweek. Retrieved 2 January 2015.
  3. ^ Robert Frank. "China's Richest Man Loses 15 Billion". CNBC.
  4. ^ "50 Smartest Companies 2014". MIT Technology Review. Retrieved 18 February 2015.
  5. ^ "China's Richest man Might Have Been Running a Massive Fraud". Washington Post. Retrieved 20 November 2015.
  6. ^ Nathan Vardi. "Hanergy Thin Film Shares Suspended After Crashing By 47%". Forbes.
  7. ^ "The 24-minute, $24b wipeout that halved Chinese billionaire's fortune". The Sydney Morning Herald.
  8. ^ Jacky Wong, James T. Areddy. "Hong Kong Regulators Investigating Hanergy Thin Film Power". WSJ.
  9. ^ "Hong Kong regulator orders suspension of all hanergy shares". Bloomberg.
  10. ^ Lucy Hornby, Cynthia O'Murcho. "Hanergy thin film threatens HK regulator with legal action". FT.
  11. ^ Wayne Ma. "Hanergy thin film says it can't produce documents for regulatory probe". WSJ.
  12. ^ Wesoff, Eric (29 September 2012). "Update: MiaSole Sold to China's Hanergy for $30 Million". Greentech. Retrieved 2 January 2015.
  13. ^ "About Us". Official website of Solibro. Retrieved 7 July 2015.
  14. ^ "Hanergy Loses Contract to Distribute Solar Systems through IKEA". Bloomberg. Retrieved 20 November 2015.
  15. ^ "Hanergy Acquires Global Solar Energy". Global Solar. 25 July 2013. Archived from the original on 2 January 2015. Retrieved 2 January 2015.
  16. ^ "Hanergy Completes Acquisition of Alta Devices". Alta Devices. 13 August 2014. Archived from the original on 21 January 2015. Retrieved 21 January 2015.
  17. ^ "Hanergy Thin Film to Cut Workforce by More than a Third in Restructing". Wall Street Journal. 30 August 2015. Retrieved 20 November 2015.
  18. ^ "Hanergy Chairman Laments Huge Financial Loss from Trading Halt". Bloomberg. 30 Sep 2015. Retrieved 20 November 2015.
  19. ^ "Hanergy Thin Film 2015 Announcement of Results" (PDF). Hanergy Thin Film. 1 April 2015. Retrieved 12 April 2016.
  20. ^ "Hanergy Thin Film posts loss four times bigger than revenue". Bloomberg. 1 April 2015. Retrieved 12 April 2016.
  21. ^ "China's Hanergy Thin Film unveils huge loss as auditor flags concern". SCMP. 1 April 2015. Retrieved 12 April 2016.
  22. ^ "Hanergy to build solar-powered electric cars | TechCrunch". techcrunch.com. Retrieved 10 September 2016.
  23. ^ "Hanergy Unveils Solar-Powered Cars to Expand Use of Technology - Bloomberg". bloomberg.com. Retrieved 10 September 2016.
  24. ^ "Hanergy Launches Solar Powered Cars In China". forbes.com. Retrieved 10 September 2016.
  25. ^ "Hanergy launches solar-embedded roof tile, eyes mass production". Reuters. Retrieved 31 July 2017.
  26. ^ "Audi to develop solar-embedded panoramic roof with China's Hanergy". Reuters. Retrieved 23 August 2017.
  27. ^ "Hanergy to Partner With Audi to Put Solar Cells on Car Roofs". Bloomberg.com. Retrieved 23 August 2017.
  28. ^ "DEWA builds closer ties with Chinese Public and Private sectors". government of Dubai. Retrieved 10 September 2017.
  29. ^ "Dewa in China to woo renewable energy firms". TradeAribia. Retrieved 13 September 2017.
  30. ^ "Hanergy Signs Agreement to Provide Thin-Film Solar Panels to Bike-Sharing Company MTbike". Yahoo Finance. Retrieved 22 September 2017.