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October 02, 2012

Hanergy Acquires Miasole for $30 Million



Chinese-based Hanergy has acquired Miasole for $30 million – a much lower price than what would have been expected in prior years.

Miasole will become a subsidiary of Hanergy Holdings and no employees of Miasole will be laid off in the next year, Technology Review said.

Technology Review also reports that Miasole was started when there was a lot of enthusiasm for thin-film solar technology.

The company raised about $500 million from investors and was valued in the past at $1.2 billion, according to Technology Review. More recently, it was able to raise $55 million to expand production of solar panels.

Investors have included Kleiner Perkins Caufield & Byers and VantagePoint Venture Partners. Other investors included Bessemer Venture Partners, Firelake Capital and Passport Capital. It gives an indication that impressive venture capitalist firms had faith in the technology – even if it is not as strong in the market now.

Hanergy Holdings develops energy projects in hydropower, solar and wind power, Technology Review said. In June, Hanergy acquired Solibro from QCells of Germany. Solibro and Miasole both make thin-film solar panels.

Miasole shipped 60 megawatts worth of solar power in 2011.

“The $30M sales prices of Miasole shows how cheap solar manufacturing assets can be picked up,” according to a report from GigaOM.

GigaOM also has reported that Chinese companies are acquiring now “struggling green tech startups on the cheap.”

In a related matter, Miasole has changed its process to make solar panels out of copper, indium gallium and selenium (CIGS).

In other recent news, Hanergy recently partnered with IKEA stores in the United Kingdom, according to TMCnet. Under the deal, Hanergy will provide thin film solar technology to UK IKEA stores. The company will provide a package including site survey, installation, fitting and guarantees.

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Edited by Brooke Neuman


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