Hanergy

Hanergy Holding Group Ltd.

Native name	汉能控股集团有限公司
Type	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

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]

See also

• List of CIGS companies

References