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- Hanwha Solutions will expand its solar module factory in U.S. and cell production facility in Korea, to meet the growing global demand for reliable and sustainable energy.
- The investments aim to provide a reliable supply of renewable energy amid growing market uncertainties. It will help countries hedge against rising fossil fuel prices to achieve their goals of energy security.
- Hanwha also aims to boost supply of low-carbon polysilicon toward its solar manufacturing. By working with partners around the world, the company aspires to realize its vision of being a “completely clean energy solutions provider.”
SEOUL, South Korea, May 12, 2022 /PRNewswire/ — Hanwha Solutions, the Korean company that owns completely clean energy solutions provider Qcells, today announced a $320 million investment plan for solar manufacturing expansion in the United States and Korea with the aim of providing secure, cleaner energy amid mounting calls for energy security and net-zero emissions.
Hanwha said it will seek to spend $170 million building a 1.4-gigawatt solar module production facility in the US. Qcells already operates a 1.7 gigawatt module factory in Dalton, Georgia. With the newly-built factory expected to come online as early as the first half of 2023, Qcells’ total production capacity in the U.S. will exceed 3 gigawatt – equivalent to one-third of current US solar module production capacity.
The company also announced its plan to expand cell production capacity in Korea. By investing $150 million, the company will expand its cell factory in there. When the factory expansions are complete next year, overall cell capacity in Korea will be 5.4-gigawatts. It is the first investment in Korean solar cell manufacturing in five years.
The investments aim to address growing demand for renewable energy, as ongoing energy market turbulence has sent fossil fuel prices soaring. Already worsened by a global supply squeeze during the pandemic, these price fluctuations have…
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