Hanergy Holding Group Limited, a multinational clean-energy power generator and thin-film solar company, has completed the acquisition of Alta Devices, whose thin film solar technology has a conversion efficiency of 30.8%, the highest among the solar energy technologies currently available in the world.
Li Hejun, Chairman and CEO of Hanergy, said, “Alta Devices’ thin film solar technology has the potential to change the way solar energy is used. This acquisition advances Hanergy’s goal to become the world leader in the solar technology of the future.”
“The combination of our cell R&D capability and Hanergy’s technology, research and capital resources will help us further improve the performance of our technology, increase production capacity and expand applications,” added Chris Norris, President and CEO of Alta Devices.
Both companies’ R&D teams will join forces to further develop Alta Devices’ technology to serve the mobile and wearable tech market with reliable, high-efficiency solar-power solutions and applications. The acquisition will build on Hanergy’s continuous efforts in recent years to enhance thin-film solar innovation, and improve the efficiency and applicability of clean energy through the integration of world-leading thin-film solar technologies.
In particular, Hanergy plans to actively expand the application of Alta Devices’ products in various mobile power application areas, ranging from emergency charging of mobile phones, to the automotive sector and the Internet of Things (IOT).
Alta Devices’ use of gallium arsenide (GaAs) allows its dual- and single-junction solar cells to produce record-breaking conversion efficiencies of 30.8% and 28.8% respectively, as certified by the U.S. National Renewable Energy Laboratory (NREL). Alta Devices’ single-junction GaAs thin-film solar cells are already in production. Following the acquisition, Alta Devices will continue to operate independently as a wholly-owned subsidiary of Hanergy. Hanergy will also work with Alta Devices to develop international markets and enhance its cooperation with key strategic customers.