DOCSLIB.ORG

Hanergy Solar 566 Hk

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Hanergy Solar 566 Hk 18 NOVEMBER 2013 HONGINITIATION KONG / ALTERNATIVE 34 TAIWAN ENERGY /TECHNOLOGY HANERGY SOLAR 566 HK HOW WE DIFFER FROM CONSENSUS MARKET RECS TARGET PRICE HKD1.34 TARGET PRICE (%) 52 POSITIVE 1 HOLD CLOSE HKD1.25 EPS 2013 (%) NA NEUTRAL 0 UP/DOWNSIDE +7.4% CHANGEPRIOR TP IN TP HKD % EPS 2014 (%) NA NEGATIVE 1 Wait on the sidelines KEY STOCK DATA YE Dec (HKD m) 2012A 2013E 2014E 2015E Revenue 2,756 4,556 5,275 6,182 n Downstream business is still too small to move the needle The 1H results were a surprise, with sales and profit growing 86% Rec. net profit 1,316 2,955 2,985 3,264 and 165% h-h. Momentum is likely to persist in 2H13 thanks to a Recurring EPS (HKD) 0.10 0.11 0.11 0.12 stable equipment business. However, concerns lie in the fact that EPS growth (%) 47.0 8.0 1.0 9.4 parent company Hanergy Group (not listed , 63% stake) is also the Recurring P/E (x) 12.8 11.8 11.7 10.7 sole customer. High reliance on the parent is a double-edged sword: Dividend yield (%) 0.0 0.0 0.0 0.0 Hanergy Solar receives both technical and financial support, but does not have total control over its business strategy. Expansion into EV/EBITDA (x) 9.5 7.0 8.6 7.2 downstream solar farms is a way out, as it could diversify the Price/book (x) 1.4 2.2 1.8 1.6 customer base, yet at 7% of projected sales in 2014, it is still too Net debt/Equity (%) (6.2) (14.2) (1.8) (4.8) small to move the needle. ROE (%) 11.9 21.4 17.2 15.9 Nov-12 Feb-13 May-13 Aug-13 Nov-13 n Environment friendly for TF, but cost-competitiveness unproven 394 We think the environment is favourable for Thin-Film (TF) given its 1.24 exemption from Europe’s price undertaking agreement, and lower 294 conversion requirement for distributed PV subsidies in China . Recent 0.74 194 IP acquisitions from global TF leaders MiaSolé and Solibro could 94 hasten CIGS-type TF’s commercialisation, however, its cost- 0.24 (6) (HKD) Hanergy Solar Rel to MSCI Hong Kong (%) competitiveness remains to be seen. Share price performance 1 Month 3 Month 12 Month n Initiate with a HOLD and a TP of HKD1.34 Absolute (%) (6.7) 76.1 363.0 We initiate coverage with a HOLD, our HKD1.34 TP is based on 9.5x Relative to country (%) (5.5) 74.1 352.6 2014E EV/EBITDA. We like the company’s smooth expansion into Next results February 2014 downstream and decent 2014 and 2015 ROE of 17% and 16%, but Mkt cap (USD m) 4,502 are cautious on its single-customer dependence. We suggest waiting 3m avg daily turnover (USD m) 29.0 on the sidelines for now. Faster ramp-up on solar farm projects would be a positive sign, as it implies a more diversified customer base. Free float (%) 37 Major shareholder Hanergy Group (63%) Hanergy Solar’s sales mix: Moving into downstream solar farms 12m high/low (HKD) 1.43/0.26 (%) Equipment Downstream 3m historic vol. (%) 67.7 100 ADR ticker - 80 ADR closing price (USD) - 60 Issued shares (m) 27,927 40 Sources: Bloomberg consensus; BNP Paribas estimates 20 0 1H12 2H12 1H13E 2H13E 1H14E 2H14E 1H15E 2H15E Sources: Hanergy Solar; BNP Paribas estimates Esther C Chen [email protected] +886 2 8729 7065 Our research is available on Thomson One, Bloomberg, TheMarkets.com, Factset and on http://eqresearch.bnpparibas.com/index. Please contact your salesperson for authorisation. Please see the important notice on the back page. PREPARED BY NON-US BROKER-DEALER(S): BNP PARIBAS SECURITIES (TAIWAN) LTD THIS MATERIAL HAS BEEN APPROVED FOR U.S DISTRIBUTION. ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES CAN BE FOUND AT APPENDIX ON PAGE 34 Hanergy Solar 566 HK Esther C Chen Investment thesis Catalyst Unlike c-Si, TFPV has higher technology entry barriers and Smooth progress on solar farm projects with 120MW to be broader applications than the conventional c-Si PV. In this on-grid in China by the end of 2013. This will start field, First Solar (FSLR US, Not Rated) is currently the only contributing sales and bring cash flow in 1Q14 but still a large-scale over one gigawatt (GW) production size TF solar small amount. manufacturer in the world, followed by Solar Frontier (not The environment for TF is favourable, as it is exempt from listed). As such, the TF supply chain is healthier than that for Europe’s anti-dumping levies; this provides a window for TF c-Si. Hanergy Solar has recently acquired the CIGS (a type of to gain market share. TF) leaders MiaSolé and Solibro, which should hasten CIGS’s commercialisation. However, its cost-competiveness Risks to our call remains to be proved. Key upside risks to our TP are faster-than-expected The downstream solar farm business is progressing expansion in the downstream solar farm business, and smoothly, with 120MW capacity to be on-grid by the end of earlier-than-expected commercialis ation of CIGS technology. 2013. Hanergy Solar can leverage its parent company Key downside risks are anti-dumping disputes on TF and Hanergy Group’s expertise. We believe the expansion into subsidy cuts from the China government. the downstream solar farm business is a key move as it will diversify the customer base and ease investors’ concerns on the current single-customer issue . However, our estimation of a 7% sales contribution in 2014E is still too small to move the needle. This diversification is more like a story for beyond 2015E. Company background Key assumptions Hanergy Solar offers field-proven turnkey solutions for large- 2012 2013E 2014E 2015E scale thin-film (TF) solar cell production systems. The company Equipment installation (MW) 500 1,030 1,122 1,184 acquired global TF leaders MiaSolé and Solibro in September Solar farm installation (MW) - - 280 370 2013. It is actively seeking investment opportunities in Equipment ASP (USD/watt) 0.71 0.57 0.56 0.55 downstream solar projects (solar farms) and moving towards the global photovoltaic power generation market. Solar farm ASP (USD/watt) - - 0.16 0.16 Source: BNP Paribas estimates Principal activities (2013E to 2014E sales mix) Earnings sensitivity Year -end ------ Base ------ ------ Best------ ------ Worst ----- Solar farm 7.3% 31 Dec 2014E 2015E 2014E 2015E 2014E 2015E Equipment installation (MW) 1,122 1,184 1,234 1,302 1,010 1,065 Change (%) 10 10 (10) (10) Solar farm installation (MW) 280 370 308 407 252 333 Change (%) 10 10 (10) (10) Sales (HKD m) 5,275 6,182 5,803 6,800 4,748 5,564 Change (%) 10 10 (10) (10) Solar Solar equipment equipment 100.0% 92.7% Key executives Source: BNP Paribas estimates Age Since Title We believe the key factors for sales momentum are the Mingfang Dai (Frank) 49 2010 Chairman/CEO installation of equipment and solar farms. Dr. Li Yuan-min 54 2009 Deputy Chairman/CTO Chen Li 40 2011 Executive Vice President A 10% increase in equipment and solar farm installation would raise 2014E and 2015E sales by 10% and 10%, all Hui Ka Wah (Ronnie), J.P. 49 2009 Finance Director and Senior VP else being equal. Li Guangmin 36 2002 Financial Controller A 10% increase in equipment and solar farm installation http://www.hanergysolargroup.com would raise 2014E and 2015E sales by 10% and 10%, all else being equal. 2 BNP PARIBAS 18 NOVEMBER 2013 Hanergy Solar 566 HK Esther C Chen Focused on Thin-Film technology Why Thin-Film Photovoltaic? Instead of jumping into the competitive c-Si PV (crystalline silicon photovoltaic) TF supply chain is healthier than c-Si, arena, Hanergy Solar focuses on TFPV (Thin-Film Photovoltaic) technology. while conversion efficiency needs to According to EPIA, TF accounted for c.15% of global PV market share in 2012 be improved (Exhibit 1) with only a few players (around 10 active players vs. around 150 players in the c-Si field). Although TF’s conversion efficiency is lower than c-Si PV currently; we think it will gradually gain traction thanks to technology advances and the higher technology entry barriers, as well as its multiple advantages, which we outline below: 1. Semiconductor technology: While the c-Si solar cell is produced on a physical process, TF production, similar to semiconductor production, combines physical and chemical processes. Thus, it has higher entry barriers and fewer physical limitations, leaving more room for conversion efficiency to be improved. 2. Higher tolerance to hot temperatures: When the temperature is above 25ºC, conversion efficiency decreases accordingly. However, TF has a higher tolerance to hot temperatures: every 1ºC of decrease in temperature causes an approximately 1% reduction in c-Si PV vs c.0.5% for TF. As such, a TF module could generate a higher energy yield then c-Si in regions with average temperatures over 25ºC, such as South Africa, South America, and South-East Asia. 3. Better performance under weak light: TF could deliver a more-stable performance than c-Si when the irradiance is weak (e.g., at twilight, dawn, or during winter time), implying longer ultraviolet solar hours. TF could also work under shadow with indirect light, whereas shadows may cause significant power loss or even damage to c-Si panels. 4. More applications especially BIPV (Building-integrated Photovoltaics): TF could be easily installed on any type of rooftop without racks as it is thinner and lighter.
Load more

Recommended publications
  • WIC Template 13/9/16 11:52 Am Page IFC1
    In a little over 35 years China’s economy has been transformed Week in China from an inefficient backwater to the second largest in the world. If you want to understand how that happened, you need to understand the people who helped reshape the Chinese business landscape. china’s tycoons China’s Tycoons is a book about highly successful Chinese profiles of entrepreneurs. In 150 easy-to- digest profiles, we tell their stories: where they came from, how they started, the big break that earned them their first millions, and why they came to dominate their industries and make billions. These are tales of entrepreneurship, risk-taking and hard work that differ greatly from anything you’ll top business have read before. 150 leaders fourth Edition Week in China “THIS IS STILL THE ASIAN CENTURY AND CHINA IS STILL THE KEY PLAYER.” Peter Wong – Deputy Chairman and Chief Executive, Asia-Pacific, HSBC Does your bank really understand China Growth? With over 150 years of on-the-ground experience, HSBC has the depth of knowledge and expertise to help your business realise the opportunity. Tap into China’s potential at www.hsbc.com/rmb Issued by HSBC Holdings plc. Cyan 611469_6006571 HSBC 280.00 x 170.00 mm Magenta Yellow HSBC RMB Press Ads 280.00 x 170.00 mm Black xpath_unresolved Tom Fryer 16/06/2016 18:41 [email protected] ${Market} ${Revision Number} 0 Title Page.qxp_Layout 1 13/9/16 6:36 pm Page 1 china’s tycoons profiles of 150top business leaders fourth Edition Week in China 0 Welcome Note.FIN.qxp_Layout 1 13/9/16 3:10 pm Page 2 Week in China China’s Tycoons Foreword By Stuart Gulliver, Group Chief Executive, HSBC Holdings alking around the streets of Chengdu on a balmy evening in the mid-1980s, it quickly became apparent that the people of this city had an energy and drive Wthat jarred with the West’s perception of work and life in China.
    [Show full text]
  • Charles Zhang
    In a little over 35 years China’s economy has been transformed Week in China from an inefficient backwater to the second largest in the world. If you want to understand how that happened, you need to understand the people who helped reshape the Chinese business landscape. china’s tycoons China’s Tycoons is a book about highly successful Chinese profiles of entrepreneurs. In 150 easy-to- digest profiles, we tell their stories: where they came from, how they started, the big break that earned them their first millions, and why they came to dominate their industries and make billions. These are tales of entrepreneurship, risk-taking and hard work that differ greatly from anything you’ll top business have read before. 150 leaders fourth Edition Week in China “THIS IS STILL THE ASIAN CENTURY AND CHINA IS STILL THE KEY PLAYER.” Peter Wong – Deputy Chairman and Chief Executive, Asia-Pacific, HSBC Does your bank really understand China Growth? With over 150 years of on-the-ground experience, HSBC has the depth of knowledge and expertise to help your business realise the opportunity. Tap into China’s potential at www.hsbc.com/rmb Issued by HSBC Holdings plc. Cyan 611469_6006571 HSBC 280.00 x 170.00 mm Magenta Yellow HSBC RMB Press Ads 280.00 x 170.00 mm Black xpath_unresolved Tom Fryer 16/06/2016 18:41 [email protected] ${Market} ${Revision Number} 0 Title Page.qxp_Layout 1 13/9/16 6:36 pm Page 1 china’s tycoons profiles of 150top business leaders fourth Edition Week in China 0 Welcome Note.FIN.qxp_Layout 1 13/9/16 3:10 pm Page 2 Week in China China’s Tycoons Foreword By Stuart Gulliver, Group Chief Executive, HSBC Holdings alking around the streets of Chengdu on a balmy evening in the mid-1980s, it quickly became apparent that the people of this city had an energy and drive Wthat jarred with the West’s perception of work and life in China.
    [Show full text]
  • HANERGY THIN FILM POWER GROUP LIMITED 漢能薄膜發電集團有限公司 (Incorporated in Bermuda with Limited Liability) (Stock Code: 566)
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. HANERGY THIN FILM POWER GROUP LIMITED 漢能薄膜發電集團有限公司 (Incorporated in Bermuda with limited liability) (Stock code: 566) ANNOUNCEMENT OF 2018 RESULTS The board of directors (the “Board”) of Hanergy Thin Film Power Group Limited (the “Company”) hereby announces the consolidated results of the Company and its subsidiaries (collectively the “Group”) for the year ended 31 December 2018 with comparative figures in 2017 as follows: CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 31 December 2018 2018 2017 Notes HK$’000 HK$’000 Revenue from contracts with customers 4 21,251,772 6,147,385 Cost of sales (9,129,410) (3,472,144) Gross profit 12,122,362 2,675,241 Other income and gains 224,130 76,470 Loss on disposal of subsidiaries, net – (5,568) Selling and distribution expenses (854,160) (414,463) Administrative expenses (2,250,896) (990,090) Research and development costs (1,050,418) (621,678) Other expenses (578,673) (214,449) Finance costs (41,849) (59,339) PROFIT BEFORE TAX 5 7,570,496 446,124 Income tax expense 6 (2,377,428) (185,092) PROFIT FOR THE YEAR 5,193,068 261,032 1 2018 2017 Notes HK$’000 HK$’000 OTHER COMPREHENSIVE (LOSS)/ INCOME
    [Show full text]
  • ANJIE Law FIRM
    E: [email protected] T: +44 (0)20 7396 9292 F: +44 (0)20 7396 9300 @TheLegal500 ASIA PACIFIC The Legal 500 Asia Pacific 2019 The clients’ guide to law firms ANJIE LAW FIRM • Antitrust/competition • Banking and finance 19F, TOWER D1, LIANGMAQIAO DIPLOMATIC BUILDING, • Dispute resolution No.19 DONGFANGDONGLU, • Corporate and M&A CHAOYANG DISTRICT, BEIJING 100600, CHINA • Intellectual property • Labour and employment Tel: +86 10 8567 5988 Fax: +86 10 8567 5999 • TMT legal500.com E: [email protected] T: +44 (0)20 7396 9292 F: +44 (0)20 7396 9300 @TheLegal500 ANJIE LAW FIRM 19F, TOWER D1, LIANGMAQIAO DIPLOMATIC BUILDING, NO.19 DONGFANGDONGLU, CHAOYANG DISTRICT, BEIJING 100600, CHINA T: +86 10 8567 5988 F: +86 10 8567 5999 THE FIRM AnJie Law Firm is an elite PRC law firm providing full services to both international and domestic clients including Fortune 500 companies, large state-owned enterprises, financial institutions, as well as leading private companies. Since its establishment, AnJie has been growing rapidly and soundly with currently more than 300 professionals. AnJie’s lawyers are well- regarded experts in their professional fields. Based on their deep understanding of the regulatory landscape and strong practical experience, they have handled numerous high-stakes cases in Chinese court. AnJie lawyers are often consulted by regulators on leading legal and policy issues, and have built strong work relationships with government agencies and industry regulatory bodies. All partners at AnJie Law Firm have worked in leading international and domestic law firms, and many are qualified to practice both in China and abroad. AnJie lawyers frequently speak at major international legal and business conferences and actively contribute to well-known legal and academic journals.
    [Show full text]
  • Expanding the Photovoltaic Supply Chain in the United States: Opportunities and Challenges
    Expanding the Photovoltaic Supply Chain in the United States: Opportunities and Challenges Brittany L. Smith and Robert Margolis NREL is a national laboratory of the U.S. Department of Energy Technical Report Office of Energy Efficiency & Renewable Energy NREL/TP-6A20-73363 Operated by the Alliance for Sustainable Energy, LLC July 2019 This report is available at no cost from the National Renewable Energy Laboratory (NREL) at www.nrel.gov/publications. Contract No. DE-AC36-08GO28308 Expanding the Photovoltaic Supply Chain in the United States: Opportunities and Challenges Brittany L. Smith and Robert Margolis Suggested Citation Smith, Brittany L., and Robert Margolis. (2019). Expanding the Photovoltaic Supply Chain in the United States: Opportunities and Challenges. Golden, CO: National Renewable Energy Laboratory. NREL/TP-6A20-73363. https://www.nrel.gov/docs/fy19osti/73363.pdf. NREL is a national laboratory of the U.S. Department of Energy Technical Report Office of Energy Efficiency & Renewable Energy NREL/TP-6A20-73363 Operated by the Alliance for Sustainable Energy, LLC July 2019 This report is available at no cost from the National Renewable Energy National Renewable Energy Laboratory Laboratory (NREL) at www.nrel.gov/publications. 15013 Denver West Parkway Golden, CO 80401 Contract No. DE-AC36-08GO28308 303-275-3000 • www.nrel.gov NOTICE This work was authored by the National Renewable Energy Laboratory, operated by Alliance for Sustainable Energy, LLC, for the U.S. Department of Energy (DOE) under Contract No. DE-AC36- 08GO28308. Funding provided by the U.S. Department of Energy Office of Energy Efficiency and Renewable Energy Solar Energy Technologies Office.
    [Show full text]
  • Huang Ming Energy Himin Solar
    Week in China China’s Tycoons Alternative Huang Ming Energy Himin Solar grow quickly. Himin is now China’s biggest maker of solar water heaters, producing one million per year. His hometown, Dezhou, “We want to be which was previously known mainly for its like what Henry braised chicken, has become an important Ford was to the hub for the country’s solar industry – three- automobile quarters of its homes use Huang’s product. industry” The company’s eye-catching headquarters, the Sun-Moon Mansion, is also said to be the largest building in the world to use solar power as its main energy source. You can even get round the HQ on solar-powered golf carts. Himin has received attention from serious investors. In late 2008, Goldman Sachs and private equity firm CDH Investment together invested $100 million in the company to feed growth and finance research and development. Huang said at the time that Himin was looking to go public. However, according to Chinese media, the company has since cancelled at least three listing plans, as Huang doesn’t want Born in Jiangsu in 1958, Huang Ming is one of to float his company while the valuation of the the many examples in this book of a business solar sector remains lacklustre. leader who was lucky enough to be of university Himin has also expanded to provide green age just as the Cultural Revolution ended. power solutions for hotels, schools, factories and airports. It has built a low-emission holiday Getting started resort in Dezhou known as Solar Valley.
    [Show full text]
  • HANERGY THIN FILM POWER GROUP LIMITED 漢 能 薄 膜 發 電 集 團 有 限 公 司 (Incorporated in Bermuda with Limited Liability) (Stock Code: 566)
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. HANERGY THIN FILM POWER GROUP LIMITED 漢 能 薄 膜 發 電 集 團 有 限 公 司 (Incorporated in Bermuda with limited liability) (Stock code: 566) ANNOUNCEMENT OF 2017 RESULTS The board of directors (the “Board”) of Hanergy Thin Film Power Group Limited (the “Company”) hereby announces the consolidated results of the Company and its subsidiaries (collectively the “Group”) for the year ended 31 December 2017 with comparative figures in 2016 as follows: CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 31 December 2017 2017 2016 Notes HK$’000 HK$’000 REVENUE 4 6,147,385 4,483,130 Cost of sales (3,472,144) (1,885,358) Gross profit 2,675,241 2,597,772 Other income and gains 76,470 77,204 (Loss)/gain on disposal of subsidiaries, net 5 (5,568) 62,623 Selling and distribution expenses (414,463) (404,769) Administrative expenses (990,090) (882,280) Research and development costs 5 (621,678) (567,165) Other expenses (214,449) (175,123) Finance costs (59,339) (49,867) PROFIT BEFORE TAX 5 446,124 658,395 Income tax expense 6 (185,092) (406,781) PROFIT FOR THE YEAR 261,032 251,614 — 1 — 2017 2016 Notes HK$’000 HK$’000 OTHER COMPREHENSIVE INCOME/(LOSS) TO BE RECLASSIFIED
    [Show full text]
  • Hanwall Product Catalog Hanergy / Hanwall
    HANWALL PRODUCT CATALOG HANERGY / HANWALL ABOUT HANERGY Hanergy Thin Film Power Group, one of the world’s leading thin-film solar power corporations, has now Automobile • Thin-film Solar Solution established itself as the leader in the global thin- film solar power industry, committing to “change the world with thin-film solar”. Since 2009, the group has been focusing on the field of thin-film solar energy, taking the initiative to invest, research and develop the most advanced thin-film solar technology and disrupting the traditional “mobile Shared Bicycle • Thin-film Solar Solution energy” industry. In 2017, “mobile energy” became part of national strategy and was first explicitly proposed as an important part of promoting the energy supply revolution in a State Council document. By focusing on thin-film solar energy as its main strategic channel, Hanergy has been able to use it’s world-leading technology to cover the integration Household Use • Thin-film Solar Solution of the whole industrial chain, including technology research and development, high-end equipment manufacturing, component production, application product development, and develop into a world- leading thin-film solar technology enterprise. Thin-film Solar Clothing LEADING TECHNOLOGY Hanergy has successively acquired and merged with Germany’s Solibro, USA’s MiaSolé, Global Solar Energy and Alta Devices, setting up eight R&D centers in the whole world along the way. Through Public Facilities • Thin-film Solar the integration of these global technologies and Solution continuous independent innovation, Hanergy holds five world records for thin-film solar power generation efficiency, among which, Gallium Arsenide (GaAs) components received the National Renewable Energy Laboratory (NREL) certification for the highest conversion efficiency of 31.6%, Commercial Use • Thin-film Solar HanWall breaking the world record multiple times.
    [Show full text]
  • Audi Models with a Solar Roof: Car Manufacturer Cooperates with Hanergy
    Audi MediaInfo Corporate Communications Elise Pham Press Spokeswoman Procurement Telephone: +49 841 89 48168 E-mail: [email protected] www.audi-mediacenter.com Audi models with a solar roof: Car manufacturer cooperates with Hanergy Audi and Alta Devices, subsidiary of Hanergy, integrate thin-film solar cells into panoramic glass roofs Board of Management Member for Procurement Dr. Bernd Martens: “Solar technology extends the range of our electric vehicles and is also sustainable” First joint prototype by the end of 2017 Ingolstadt/Beijing/Sunnyvale, August 23, 2017 – Thin-film solar cells in panoramic glass roofs of Audi models: Audi and Alta Devices, a subsidiary of the Chinese solar-cell specialist, Hanergy, are working together on this development project. With this cooperation, the partners aim to generate solar energy to increase the range of electric vehicles. The first prototype is to be built by the end of 2017. As the first step, Audi and Hanergy want to integrate Alta Devices’ thin-film solar cells into a panoramic glass roof. In the future, almost the entire roof surface is to be covered with solar cells. The electricity they generate will flow into the car’s electrical system and can supply for example the air-conditioning system or the seat heaters – a gain in efficiency that has a direct positive impact on the range of an electric vehicle. “The range of electric cars plays a decisive role for our customers. Together with Hanergy, we plan to install innovative solar technology in our electric cars that will extend their range and is also sustainable,” stated Audi Board of Management Member for Procurement Dr.
    [Show full text]
  • This Document Is Important and Requires Your Immediate Attention
    THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt as to any aspect of this Scheme Document or as to the action to be taken, you should consult a licensed securities dealer, or other registered institution in securities, a bank manager, solicitor, professional accountant, or other professional adviser. If you have sold or transferred all your shares in Hanergy Thin Film Power Group Limited, you should at once hand this Scheme Document and the accompanying forms of proxy to the purchaser or the transferee or to the licensed securities dealer or registered institution in securities or other agent through whom the sale or transfer was effected for transmission to the purchaser or the transferee. This Scheme Document does not constitute an offer or invitation to, nor is it intended to invite offers by, the public to subscribe for or to purchase shares or other securities of Hanergy Thin Film Power Group Limited and it must not be used for the purpose of offering or inviting offers for any securities. Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this Scheme Document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Scheme Document. 漢能移動能源控股集團有限公司 HANERGY MOBILE ENERGY HANERGY THIN FILM POWER GROUP LIMITED HOLDING GROUP
    [Show full text]
  • The 5Th China New Energy International Forum Draft Agenda
    The 5th China New Energy International Forum Draft Agenda Date Forum Time Topic Speaker 8：00—9： Registration 00 Chair Gao Jifan, Standing Vice-chairman of CNECC, President of Trina Solar Limited 9：00—9： Opening Ceremony 05 9：05—9： Welcome Speech Li Hejun, Chairman of CNECC 10 9：10—9： Shi Dinghuan, Counsellor of State Council; the Head of Chinese Opening Remarks 15 Renewable Energy Society Bureau of Fair Trade for Imports & Exports, Ministry of Commerce, P.R.China National Energy Administration 9：15—10： Ministry of Science and Technology Remarks by Leadership 15 Leader of Environmental Protection and Resources Conservation Committee of NPC Morning,March Opening 30 Ceremony Huang Mengfu, vice chairman of CPPCC; Chairman of All-china Federation of Industry and Commerce 10：15—10 Coffee Break ：30 Chair Zhang Zhengyu, President of Beijing Hi-Tech Wealth Electronic Product Co.,Ltd 10：30—10 Status and Trends on Global Edward Clarence-Smith, Representative and Head of UNIDO ：45 Renewable Energy Industry Regional Office,United Nations Industry Development Organization 10：45—11 Status and Trends on China's Li Junfeng, Vice-head of Energy Research Insitution of NDRC ：00 Renewable Energy Industry Reasonable Electricity Price Policy 11：00—11 Huang Shaozhong, Vice-director of Price and Finance Regulatory Promotes Development of ： Department of State Electricity Regulatory Commission 15 Renewable Energy Developing Renewable Energy for 11：15—11 Power Generation and Promoting Hu Xuehao, Chief Scientist of China Electric Power Research Institute ：30 the Utilization of Smart-grid in China New Energy Industrial Development 11：30—11 Liang Junqiang, Vice Director of Science Development Promotion Promotes Energy Conservation in ： Center, MOHURD 45 Building 11：45—12 Case Study-the Development of TBD ：00 New Energy of Europe and U.S.
    [Show full text]
  • Defect-Engineered Silicon Heterojunction Solar Cells Session: Wafer Based
    Faculty of Engineering School of Photovoltaic and Renewable Energy Engineering Defect-Engineered Silicon Heterojunction Solar Cells Session: Wafer based 3rd International Workshop on SHJ Solar Cells 20th October 2020 Associate Professor Brett Hallam Dr. Matthew Wright, Dr. Anastasia Soeriyadi, Dr. Brendan Wright, Chukwuka Madumelu, Bruno Vicari Stefani Key challenges for SHJ solar cells • Wafer cost is ~8% higher for n-type than p-type Cz (2018 figures) • Updated cost to be presented in 20 minutes! LONGi Solar, presentation at the 2018 Silicon PV Conference 2 Key challenges for SHJ solar cells • Wafer cost is ~8% higher for n-type than p-type Cz (2018 figures)​ • Are we maximising the efficiency of SHJ cells? • Potential for reduced LCOE by increasing efficiency • Targeting >24% mass production (need to be 1-2% higher than PERC) 24.5 24.0 23.5 23.0 22.5 22.0 Efficiency (%) Efficiency 21.5 Cert. in Japan “Golden” Best Prod. Cert. “golden” Ave. Guarantee Best Best Ave. Ave. Tongwei Best Pilot. ave. Turnkey Prod. Prod. R&D MBB 244 cm2 Prod. prod. prod. Hanergy MB 24% Sunpreme INES MB Jinergy MB GS Hevel GS Sunpreme 24.32% 24% 23.9% 23.9% 23.5% 23% 23.3 22.8% 22.3% http://taiyangnews.info/technology/latest-record-performances-of-hjt-solar-cells/ 3 Updated figure for MB from PV IndiaTech 2019. Updated number from Hevel and Tongwei at 3rd international SHJ workshop. Key challenges for SHJ solar cells • Wafer cost is ~8% higher for n-type than p-type Cz (2018 figures)​ • Are we maximising the efficiency of SHJ cells? • Potential for reduced LCOE by increasing efficiency • Targeting >24% mass production (need to be 1-2% higher than PERC) • Consumption of rare materials • Ag (~2x PERC usage) and indium usage • Need to target <5 mg/W for a 3 TW PV market [1] • <30 mg Ag total for a SHJ cell (15 mg per side – 40 fingers/side at 40 μm wide x 20 μm high) nd [1] Oral presentation by P.
    [Show full text]