DOCSLIB.ORG

Apollo Solar Energy Tech

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Apollo Solar Energy Tech Cleantech Apollo Solar Energy Tech Speculative Buy Ready for Prime Time 19 November 2010 Apollo Solar Energy Technologies Holdings Limited (566.HK) is an amorphous silicon thin-film equipment and Apollo Solar Energy Technology Holdings turnkey solutions provider. Apollo’s key value drivers are Limited offers field-proven equipment and end-to-end manufacturing lines for the mass the yield throughput, single chamber deposition process, production of thin-film silicon solar modules. amorphous silicon/silicon germanium technology, and the As a ‘spin off’ from GS-Solar, it was formed in November 2009 by merging Apollo Precision ‘HK$19.84bn (3GW) mega contract’ with Hanergy, which Limited, a company focusing on turnkey comprises 60% of Apollo’s order pipeline. solutions for thin-film solar module manufacturing, with RBI Holdings Limited, a Thin-film Second Phase Investment Cycle — Investment in solar HKEx-listed company focusing on toy design thin-film equipment is beginning its second phase investment cycle. Market and manufacturing opportunities for thin-film equipment suppliers are especially strong for Market cap HK$3.09bn those with key vacuum deposition tooling, such as that provided by Apollo, which makes up the majority of equipment spending. Ticker 566.HK Price HK$0.67 Apollo’s Technology — Apollo’s technology edge lies with leading Shares in issue 4.6bn plasma-enhanced chemical vapour deposition (PECVD) technology for the deposition of photovoltaic layers on glass. Apollo’s customised turnkey 52-week high/low (HK$) 1.58/0.49 amorphous silicon manufacturing equipment offers the lowest cost of Top shareholders production per watt for thin-film modules, along with superior yield. Over the last 12 months, using Apollo’s equipment, key customers had an GS-Solar 10.04% installed capacity of 200MW. Yang Yu Sheng 8.69% Dai Hai Dong 6.89% Hanergy Energy — Beijing-based Hanergy Energy is the largest privately- Ming Tsui 5.54% owned renewable energy generator in China, and also has operations in the Edmond De Rothschild 5.20% US and Europe. Hanergy is predominantly a hydro power generator, with 2.4GW of operating assets in 2010 and a portfolio of 6.0GW (including development pipeline). On 20 May 2010 Hanergy completed a ‘mega Share Price Performance (HK$) contract’ order of thin-film PV module manufacturing lines worth 1.60 HK$19.84bn (3GW) with Apollo, in exchange for a 25% shareholding upon 1.40 completion. The contract is divided into three batches of production 1.20 lines, and is to be produced and delivered in three years. Apollo has 1.00 0.80 prepared the first of three deliveries. Hanergy has a stated target of 0.60 installing 50GW of thin-film solar farm capacity by 2020, as it attempts to 0.40 reshape the global solar industry. 0.20 0.00 Risks — Upside risks: further investment from a potential strategic Nov‐09 Feb‐10 May‐10 Aug‐10 investor; improved customer order announcements; Hanergy receipts; Source: Bloomberg new technology milestones. Downside risks: slow order delivery; negative amorphous silicon industry news. We initiate with a SPECULATIVE BUY rating and a price target of HK$1.11, a 66% premium to the current share price of HK$0.67. Table 1: Financial Summary (HK$000) Dean Cooper Yr to Dec 08 09 10E 11E 12E +44 (0)7747 700 842 Revenue 511,810 717,442 4,604,320 8,890,480 7,936,000 [email protected] Gross Profit 61,650 151,105 3,453,240 6,667,860 5,952,000 Gurpreet Gujral, CFA Profit/(Loss) (55,677) (124,494) 2,543,495 4,838,760 4,015,844 +44 (0)20 7634 4771 Cash Balance 51,770 153,637 3,289,293 8,609,450 13,113,442 [email protected] Source: Company data, Ambrian estimates Apollo Solar Energy Tech – 19 November 2010 Contents Investment Thesis 3 Valuation 4 Company Overview 6 Customers 13 Thin-Film Industry 18 Second Phase Investment Cycle 18 First Phase Investment — CdTe Breakthrough 18 Volume Growth — International 19 China Market Growth 19 Thin-Film Industry 19 Thin-Film Silicon 19 Thin-Film non-Silicon 19 Thin-Film Economics in China 20 Impact on Polysilicon 20 Amorphous Silicon 21 First Generation a-Si — Single Tandem 21 Second Generation a-Si/a-Si — Double Tandem 21 Third Generation a-Si/Si-Ge — Double Tandem 21 Structure 22 Staebler-Wronski Effect 22 Apollo’s Cutting Edge Technology 23 Competition 26 Competitors that Have Left the Market 26 Remaining Competitors 26 Other Thin-Film Silicon Manufacturers 27 Pricing 28 Management 29 Financials 31 Risks 34 Appendix 35 Apollo Solar Energy Tech – 19 November 2010 Investment Thesis Apollo Solar Energy Technology Holdings Limited (‘Apollo’) provides amorphous thin-film silicon equipment and end-to-end manufacturing lines for the mass production of thin-film silicon solar modules. As the thin-film silicon (and As the thin-film silicon (and crystalline silicon) manufacturing industry crystalline silicon) manufacturing embarks on the second phase of its investment cycle, market industry embarks on the second opportunities are plentiful for thin-film equipment suppliers. phase of its investment cycle, Led by a group of industry-leading engineers with strong experience in market opportunities are plentiful thin-film, vacuum processing and precision manufacturing, Apollo’s key for thin-film equipment suppliers differentiators are: The lowest cost of module manufacturing with largest throughput, achieved by using a single chamber production process and multiple pieces of glass. Advanced amorphous silicon and silicon germanium (a-Si/SiGe) technology. The solar business has the following product portfolio: Proprietary plasma enhanced chemical vapour depositor (PECVD) for deposition of photovoltaic layers. Proprietary magnetron sputtering devices for the deposition of conductive electrode layers. Automated turnkey solution with a complete and fully-integrated manufacturing system for thin-film photovoltaic module Figure 1: Integrated Turnkey Solutions with Flexible Module Design Source: Apollo Solar Energy Technology Apollo’s turnkey manufacturing Apollo’s turnkey manufacturing equipment provides superior yield, equipment provides superior combined with the lowest cost of production per watt for thin-film silicon yield, combined with the lowest modules. cost of production per watt for Apollo’s integrated manufacturing lines using proprietary PECVD and PVD thin-film silicon modules technologies position it favourably for the second phase of the thin-film equipment investment cycle, especially as demand focuses on suppliers of key vacuum deposition tooling, such as Apollo. The dominant market for Apollo will be in China, the manufacturing hub of the world. This is shown by Apollo’s ‘mega HK$19.84bn contract’ with China’s largest private renewable energy generator, Hanergy Energy. 3 Apollo Solar Energy Tech – 19 November 2010 Valuation Apollo’s short-to-medium-term growth is underpinned by the HK$19.84bn contract with Hanergy. This provides a sustained growth profile for three years, and implies a step-change in the financial profile of the company. We estimate revenues will increase from HK$717m in 2009 to HK$4.6bn in Figure 2: Revenue Growth 2010 and HK$8.9bn in 2011. Given the company’s relatively strong profit HK$ margins (average of 51%), we expect this to have a dramatic impact on 14,000,000 the valuation of the company. 12,000,000 The contract announcement was made during the summer of 2010, 10,000,000 causing the stock price to jump to HK$0.91. However, since then, the 8,000,000 price has trended down back to HK$0.67. We believe there are two 6,000,000 significant reasons for this: 4,000,000 Some investors could be fearful of the potential dilution that is likely 2,000,000 to occur when Hanergy subscribes to the shares and when existing option holders execute their holdings. The total number of shares ‐‐ outstanding is likely to increase from 4.9bn shares to 21.8bn shares 2008 2009 2010 2011 2012 2013 2014 2015 fully diluted. Source: Ambrian estimates Given the size of the Hanergy contract, we believe some investors are sceptical that it will be completed, especially due to the fact that Hanergy’s financial position is not disclosed in any public forum. While we sympathise with the latter point, we highlight Hanergy’s credibility as a renewable energy generator in this report given its relatively large portfolio of operating and pipeline assets. Hanergy has 2.4GW of operating hydro assets and annual free cashflow of approximately £250m. Dilution is an obvious concern; however, we believe the potential upside from the growth profile of Apollo will outweigh any dilution impact for investors today. We forecast Apollo will generate HK$2.5bn and HK$4.8bn PAT in FY10 and FY11 respectively. This places the company on P/E multiples of 5x and 3x in for FY10 and FY11 on a fully-diluted basis. In Figure 3 we highlight how an investment today is affected by dilution over the next five years, relative to the increase in shareholder value for the company. We forecast Apollo will generate The blue line highlights what the dilution impact would be if an investor HK$2.5bn and HK$4.8bn PAT in buys 1bn shares in the company today. This will equate to 15% by the end FY10 and FY11 respectively. This of 2010 due to the first tranche of subscription shares issued to Hanergy. places the company on P/E We forecast this will drop to 5% by the end of 2013, which is when the multiples of 5x and 3x in for FY10 convertible bonds mature and are executed. and FY11 on a fully-diluted basis The green bar highlights the proportion of the Net Asset Value of the company this shareholder will own.
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]
  • 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.
    [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]