Hanwha injects $189m into Q Cells

Hanwha Chemical has injected $188.5m in cash into its Germany-based PV unit Hanwha Q Cells, money the company will use for expanding its production capacity through adding a production line at its Malaysia cell factory.

“Our commitment to solar extends beyond building a successful business. We are dedicated to turning solar into the centerpiece of the Group´s future growth,”says Ki-Joon Hong, chief executive of Hanwha Chemical, representing the Hanwha Group.

Hanwha Q Cells said it will use the proceeds to expand its production capacity as well as its international business in 2014, especially in the global power plant solution segments.

That will include project development, EPC, financing and other services, Hanwha Q Cells chief executive Charles Kim said.

“We will integrate one additional production line at our manufacturing site for solar cells in Malaysia”, Kim said.

"Accordingly we will raise capacities for module production together with our certified partners in Europe and Asia.”

Hanwha Q Cells is part of South Korea’s Hanwha group. Last year, it had bought large parts of insolvent German PV maker Q Cells, including its very valuable brand name.