The world's largest thin-film solar power solution company, Hanergy Thin Film Power Group (00566.hk), announced today (March 14) that it has recently signed a Memorandum of Understanding (MoU) with West Sea Energy, Korea’s leading solar panel installation company to assign it with the distribution onus of its innovative BIPV product, HanWall and roof top solar panels in Korea market.
Hanergy joins hands with West Sea Energy
Hanergy is underway with its robust expansion plan in the Korean market, and the recent collaboration with West Sea Energy is a testimony of company’s commitment to contribute immensely towards Korea’s solar market.
As per the MoU that runs up to 2 years, both parties will join forces to ramp up the sales of the world’s first integrated solar powered wall solution, HanWall and Hanergy’s roof top solar panels in Korea market. As laid out in MoU, West Sea Energy will purchase both, HanWall and roof top solar panels, only HanWall itself valued 8 million USD realizing an overall installation capacity of 7 MW within two years.
Hanergy joins hands with West Sea Energy
The duo will collaborate in building a pilot showcase house integrated with HanWall. Subsequently, Hanergy’s flexible modules (rooftop solar panels) will be used in 5 football stadiums across 5 cities in Jeolla and Chungcheong provinces of Korea.
The signing ceremony held at Hanergy’s Headquarters located in Beijing. Yoo Young Yong, COO, West Sea Energy; Shin Si Jeo, CFO, West Sea Energy; Park Chan Yong, President, Korean Veterans Association; Lv Yuan, Vice President of Hanergy Thin Film Power Group; Fang Yuandan, President of Hanergy Korea Company attended the signing ceremony.
West sea energy was established in 2018, with the sole purpose of setting up 160GW PV station project. Its parent company Green Solar specializes in solar power station development, EPC. In 2018, the annual sales revenue of Green Solar touched 150 million RMB.
Mr. Yoo Young Yong, COO of West Sea Energy
Commenting on the collaboration, Mr. Yoo Young Yong, COO, West Sea Energy said, “We're overjoyed to have collaborated with Hanergy, and together embark on a new journey to introduce HanWall in Korea market. We’re very confident of Hanergy’s products equipped with cutting-edge thin-film power technology. We're bound to set the standard for future ecological buildings and up the ante in the BIPV segment with this next-generation BIPV module."
The recent collaboration is principally intended to lay strong foundation of Hanergy’s operations in Korea Market and strengthen its foothold by boosting the sales of its innovative BIPV product, HanWall. With its high efficiency and reliability, HanWall sets the new benchmark for the BIPV segment and provides possibilities for creating completely self-sufficient, off-grid buildings.
Mr. Lv Yuan, Vice President of Hanergy Thin Film Power Group
Mr. Lv Yuan, Vice President of Hanergy Thin Film Power Group said, “Our collaboration with West Sea Energy marks the beginning of our successful innings in Korea market. Together, we’re committed to revolutionise Korea’s solar market. Further, the renewable energy sector in Korea has experienced strong growth in the past few years. The country has announced ambitious renewable energy production goals to manage the growing electricity demand. We’re certain that HanWall’s introduction in the Korea market will be instrumental in government’s perpetual efforts to meet this burgeoning demand of electricity.”
Recently, Korean government announced to increase the subsidy on BIPV products ushering the growth in the BIPV segment. With such conducive government policies, Korea’s solar market is bound to grow faster than ever.
West Sea Energy BIPV MOU Signing Ceremony
HanWall is amongst its series of commercial and civilian products incorporated with cutting-edge thin-film solar power technologies. Debuted as the world’s first integrated solar powered wall solution, HanWall can generate up to 326 Kw of electricity per thousand square meters in a day, saving on average 46% of the energy consumption. It promises to have abiding power output, with no less than 85% productivity for at least 25 years. With 4 choices of colors and its availability in various sizes, HanWall gives architects more freedom on façade design and is bound to change the way BIPV products were regarded aesthetically.
Further, Hanergy’s solar cells set the world record for conversion efficiency several times, with the newest one being 29.1%. It launched and upgraded handful of consumer products in 2018, including Humbrella, solar-powered umbrella; SolarTank, solar backpack; HanPower, solar power bank, retaining its leading position in mobile energy sector. Subsequently, with the debut of HanTile in April and HanWall in September 2018, Hanergy upped-the-ante in global building-integrated PV segment.
Hanergy recently grabbed the first rank for itself in solar energy sector, while taking up an overall 78th rank (Up from 91st rank last year) among China’s TOP500 Most Valuable Listed Companies released by 21 Data News Laboratories. Lately, the company inked strategic agreements with partners from Australia, Japan, Vietnam, Switzerland, Paraguay, Chile, Oman, Egypt, and so on, marking its entry in the global market. Collaborating with Bollore Group, Boeing Group, TAM and China’s local express delivery companies, Hanergy reached further down for a wider application of thin-film solar power technologies. Its solar modules was chosen by NASA for international space station testing, to evaluate Alta’s technology for future NASA low-Earth orbit missions, including powering CubeSats.