Hanergy, a China-based renewable energy company, announced today that it has completed its acquisition of thin-film solar firm Miasolé. The buyer first reached a purchase agreement with Miasolé’s investors in September.
Of the many photovoltaic manufacturers out there – and/or recently bankrupt – Miasolé is one of the most elegant. And not just because of its attractive-sounding name (news reports online have stripped it of the accent aigu — it’s pronounced MiasolA).
Miasolé makes thin film solar cells of the copper indium gallium selenide variety. This is an attractive technology because it is possible to make CIGS as efficient as heavier traditional polysilicon solar PV. The first thin-film technology was based on amorphous silicon (a technology that Hanergy plans to abandon), which was much less efficient than traditional solar cells. In theory, CIGS can be manufactured in long, flat, flexible sheets and installed in places that cannot support other kinds of solar panels.
For now, CIGS material on the market has an upper-bound efficiency of about 12% or so, while traditional solar starts there and goes up a bit. CIGS are more expensive, and are much more difficult to manufacture.
For Miasolé’s part, in May the company reported that NREL confirmed a 15.5% efficiency on its newest commercial, flexible CIGS cells. It is not clear what the efficiency of a fully installed system would be. But it shows that this firm has been pushing the technology. Back in 2011, it worked with semiconductor maker Intel to help it ramp up its manufacturing. At the time, the company said it was using a low-cost sputtering technology for materials deposition.
News reports have estimated that Hanergy spent about $120 million to buy Miasolé’, a company that was valued as high as $1.2 billion in 2008. Hanergy makes most of its money by generating power from hydroelectric installations. Last year it also snapped up Solibro, a unit of Germany’s solar manufacturer Q-Cells.
Hanergy says it will keep the Miasolé CIGS manufacturing operations going in California. Meanwhile, another CIGS start-up, SoloPower, recently began production in Portland, Oregon.
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