BEDFORD, Mass. and THALHEIM, Germany, March 5, 2015 /PRNewswire/ -- 1366 Technologies and Hanwha Q CELLS (NASDAQ:HQCL) today announced that they have entered into a long-term strategic partnership to jointly advance the efficiency and quality of solar cells while dramatically reducing their costs. The two companies will collaborate on the development of 1366's proprietary Direct Wafer™ Technology with the intent to commercialize and use Direct Wafers™ in Hanwha Q CELLS' world-renowned solar cells.
Upon successful commercialization of the Direct Wafer™ Technology, the companies expect to expand the partnership. Among others, the potential options include the supply of Direct Wafers™ from 1366's manufacturing facilities to Hanwha Q CELLS.
"Our mission at Hanwha Q CELLS is to be at the forefront of photovoltaic technology and to rapidly translate innovation into mass production," said Seong-woo Nam, CEO, Hanwha Q CELLS. "1366's Direct Wafer™ Technology is innovation at its best. We strongly believe in its potential to be commercialized in order to deliver significant cost reductions and quality improvements at the same time. "
"It is a powerful endorsement of our technology that Hanwha Q CELLS has recognized the high potential of our technology to advance cell performance and drive down the cost of photovoltaics," said Frank van Mierlo, CEO, 1366 Technologies. "Hanwha Q CELLS is recognized globally for its commitment to innovation and quality, setting many technical standards for the industry. We couldn't be more proud to combine our resources with a company that's long stood at the center of the global solar revolution. It's an ideal fit."
1366 Technologies' Direct Wafer™ forms multi-crystalline wafers directly from molten silicon instead of today's multi-step, energy- and capital-intensive process. The result is a uniformly better wafer, created at one-half the cost. The technology also has the enormous benefit of being a "drop-in" replacement for 60 percent of the photovoltaics market, making it seamless for cell and panel manufacturers to readily adopt the technology without adding a single new piece of equipment.
1366 Technologies remains on track to build a 250 MW commercial facility in the United States. Construction is scheduled to begin in Q3 of 2015. To date, the Company has raised more than $64 million from private investors including The Hanwha Group, which participated in the Company's Series B round in 2010.
About 1366 Technologies
1366 Technologies aims to deliver solar at the cost of coal. The company combines breakthrough technology innovations with lean manufacturing processes to make a new class of silicon wafers, the building blocks of solar cells, at a fraction of today's cost. Developed by a veteran team of scientists, engineers and entrepreneurs, the company's novel approach breaks the historic efficiency and cost trade-offs of photovoltaics. 1366 Technologies is headquartered in Bedford, MA. For more information, please visit www.1366tech.com.
About Hanwha Q CELLS
In February 2015 Hanwha Q CELLS Co., Ltd. (NASDAQ:HQCL) emerged as a new global solar power leader from combining two of the worlds most recognized photovoltaic manufacturers, Hanwha SolarOne and Hanwha Q CELLS. The combined company is listed on NASDAQ under the trading symbol of HQCL. It is headquartered in Seoul, South Korea, (Global Executive Headquarters) and Thalheim, Germany (Technology & Innovation Headquarters) and is the world's largest solar cell manufacturer as wells as one of the largest photovoltaic module manufacturers. Due to its diverse international production footprint including facilities in China, Malaysia and South Korea, Hanwha Q CELLS is flexibly positioned to address all global markets, even ones with import tariffs, such as the United States and the European Union. Based on its respected "Engineered in Germany" technology, innovation, and quality, Hanwha Q CELLS offers the full spectrum of photovoltaic products, applications, and solutions, from modules to kits to systems to large scale solar power plants. The combined company is also engaged in downstream development and EPC business. Through its growing global business network spanning Europe, North America, Asia, South America, Africa and the Middle East the company provides excellent services and long-term partnership to its customers in the utility, commercial, government and residential markets. Hanwha Q CELLS is a flagship company of Hanwha Group, a FORTUNE® Global 500 firm and a Top-Ten business enterprise in South Korea. For more information, visit: www.q-cells.com / http://investors.hanwha-solarone.com
Safe-Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995.These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Hanwha Q CELLS filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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