Hanwha Q CELLS Korea to Build Photovoltaic Manufacturing Facility in Georgia, USA May 30, 2018
Construction of solar module production facility in Georgia will commence in 2018 and is scheduled to be completed in 2019
Hanwha Q CELLS aims to maintain leading market position in the U.S. by delivering high quality solar modules through local U.S. production
SEOUL, South Korea, May 30, 2018 /PRNewswire/ -- Hanwha Q CELLS Korea Corporation ("Hanwha Q CELLS Korea") today announced that it will build a solar module manufacturing facility in the United States of America. Construction for the factory in Whitfield County, Georgia will commence in 2018 and is scheduled to be completed in 2019. While the exact nameplate capacity of the new facility remains undisclosed, the company confirms that it will exceed 1.6 GW per year. The high quality modules manufactured by Hanwha Q CELLS Korea in the U.S. will be provided to Hanwha Q CELLS Co. Ltd. ("Hanwha Q CELLS"), which will have access to 100% of the facility's production volume.
Maintaining a leading market position in the U.S.
With the completion of the production facility in Georgia, Hanwha Q CELLS Korea, together with Hanwha Q CELLS, another affiliate of Hanwha Group, will have manufacturing facilities in South Korea, Malaysia, China, and the U.S., at its disposal. The new manufacturing fab is testament to Hanwha Q CELLS Korea's commitment to the U.S. market, in spite of the recently imposed trade barriers. According to Solar Power Europe, the U.S. was the second largest solar market in 2017. Furthermore, the U.S. market is also one of the most important markets for Hanwha Q CELLS Korea. Upon commencement of manufacturing activities in the U.S. fab, Hanwha Q CELLS Korea will supply high quality PERC modules to the roof-top and ground-mounted segments in the U.S. As the U.S. market has traditionally been a market that valued performance and quality, the new plant is expected to enable Hanwha Q CELLS Korea to widen its customer base in the U.S.
About Hanwha Q CELLS Korea Corporation
Founded in April 2011, Hanwha Q CELLS Korea is an affiliate of Hanwha Group. Hanwha Q CELLS Korea operates production sites for state-of-the-art solar cells and modules in South Korea. Furthermore, Hanwha Q CELLS Korea is active in the solar downstream segment in the growing Korean solar market as well as countries in Asia and Europe. The company delivers integrated solar power plant solutions encompassing development, construction, and operation.
About Hanwha Q CELLSCo., Ltd.
Hanwha Q CELLS Co., Ltd. (NASDAQ:HQCL) is a global leading photovoltaic manufacturer of high-performance, high-quality solar cells and modules. Headquartered in Seoul, South Korea, it has its Technology and Innovation HQ in Thalheim, Germany and manufacturing facilities in Malaysia and China. Hanwha Q CELLS offers solar modules, photovoltaic system solutions and large-scale solar power plants. Through its growing global business network spanning North America, Asia, Europe, South America, and the Middle East, the company provides state-of-the-art services to its customers in the utility, commercial, government and residential markets. Hanwha Q CELLS is a flagship company of Hanwha Group, a FORTUNE Global 500 firm and a Top 10 business enterprise in South Korea.
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Hanwha Q CELLS Korea's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Except as required by law, Hanwha Q CELLS Korea does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Hanwha Q CELLS Co., Ltd.
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