Qcells invests $100 million in pilot line for perovskite tandem cells and modules in Korea

The announcement marks Qcells’ latest effort to seize technological leadership by developing perovskite tandem cells for high-efficiency solar modules.

[Seoul, South Korea, May 17, 2023] Qcells, a global leader in complete clean energy solutions, announced today that it will invest $100 million to accelerate the commercialization of perovskite-based tandem cells – a next-generation solar cell technology designed to boost solar panel efficiency.

Qcells’ parent company, Hanwha Solutions, said it will build a pilot tandem-cell production line at its Jincheon factory in South Korea. The facility is expected to be operational by late 2024 with the aim to commercialize tandem cells by 2026.

To support this target, the pilot facility in Jincheon will work closely with Qcells’ headquarters for technology and innovation in Thalheim, Germany. Qcells already operates a R&D pilot line for tandem cells at Thalheim and participates in a four-year research project called PEPPERONI. The goal of PEPPERONI is to develop a pathway to commercialize tandem cell development in Europe.

“This investment in Jincheon will mark an important step in securing technological leadership,” Qcells CEO Justin Lee said. “With global R&D network spanning from Korea, Germany and the US, Qcells will ramp up its efforts to produce high-efficiency advanced tandem cells.”

The investment will pave the way for Qcells to mass-produce perovskite tandem cells, which have a much higher efficiency rate than silicon-based solar cells that utilize TOPCon (Tunnel Oxide Passivated Contact) or heterojunction technology.

Earlier this year, in collaboration with Helmholtz Zentrum Berlin, Qcells succeeded in developing a tandem cell with up to 29.3% efficiency rate. The result was verified by NREL (National Renewable Energy Laboratory), a renewable energy research institute run by the US Department of Energy.

About Qcells – Completely Clean Energy

Qcells is one of the world’s leading clean energy companies, recognized for its established reputation as a manufacturer of high-performance, high-quality solar cells and modules, portfolio of intelligent storage systems, and growing international pipeline of large-scale renewable energy projects. Qcells also provides renewable electricity retail services and packages to end customers the world over. The company is headquartered in Seoul, South Korea (Global Executive HQ) and Thalheim, Germany (Technology & Innovation HQ) with its diverse international manufacturing facilities in the U.S., Malaysia, China, and South Korea. Qcells offers Completely Clean Energy through the full spectrum of photovoltaic products, storage solutions, renewable electricity contracting and large-scale solar power plants. Through its growing global business network spanning Europe, North America, Asia, South America, Africa and the Middle East, Qcells provides excellent services and long-term partnerships to its customers in the utility, commercial, governmental and residential markets. For more information, visit: http://www.q-cells.com.

Safe-Harbor Statement

This press release contains forward-looking statements. 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 Qcells’ 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, Qcells does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Hanwha Solutions
Junseok Yeo, PR Manager
E-mail: communication.hs@hanwha.com