Solar PV manufacturing – consolidation continues..

Another day, another PV company folds up. MiaSolé, which was considered a promising CIGS PV manufacturer, has been bought by China’s Hanergy last week. Interestingly, Hanergy also bought Solibro, another CIGS manufacturer, from Q-cells. According to GTM research, this move by Hanergy is very curious because there are hardly any synergies between these two companies. MiaSolé and Solibro uses different production technologies and the strategic intent of Hanergy is not very clear at this point. The article by GTM article suggests that the investors had taken a huge haircut on the deal.
Ever since the bankruptcy filing of Solyndra in August 2011, PV manufacturers have been falling like nine pins. Some of the other big companies that went for restructuring include Q-Cells, Abound, Solon, etc, there are were also a number of smaller companies that went out of business or were acquired by bigger companies. As we at RESolve started to dig a bit deeper, we were surprised to find that at least 26 companies went into consolidation mode in the last 13 months since the Solyndra bankruptcy. A majority of companies in that list are thin film companies, which points to the fact that the crash in crystalline silicon prices is taking its toll on the thin film PV segment.
The list is given below. This list is by no means exhaustive, and chances are, there are more such smaller companies and unlisted companies that faded into the oblivion, unnoticed.
(Note 1 – The updated table as of 20 March 2013 with another 24 companies can be accessed here ).

Company  Country Technology Type of consolidation Timeline
1 Solyndra USA CIGS Bankruptcy Aug-11
2 Evergreen USA c-Si Bankruptcy Aug-11
3 SpectraWatt(Intel Spinoff) USA c-Si Bankruptcy – Sold to Canadian Solar Aug-11
4 Helio volt USA CIGS Stake sale to SK Group, Korea Sep-11
5 Stirling energy systems USA CSP(dish) Bankruptcy Sep-11
6 First Solar USA CIGS Abandoned Dec-11
7 Solar millenium Germany CSP Bankruptcy Dec-11
8 Solon Germany c-Si Bankruptcy – Bought by Microsol, UAE Dec-11
9 Unisolar(EDS) USA a-Si Bankruptcy Feb-12
10 Odersun Germany CIS Insolvency Mar-12
11 Pramac Switzerland a-Si Insolvency May-12
12 Inventux Germany a-Si Insolvency May-12
13 Auria Taiwan a-Si Delisting from Taiwan Stock Exchange May-12
14 Soltecture Germany CIGS Insolvency May-12
15 Day4Energy Canada c-Si Delisting from Toronto Stock exchange May-12
16 Sovello Germany c-Si Insolvency May-12
17 Solibro Germany CIGS Acquired by Hanergy Jun-12
18 Konarka USA Organic PV Bankruptcy Jun-12
19 Scheuten Solar Germany BIPV Acquired by Aikosolar, China Jun-12
20 Novasolar USA a-Si Bankruptcy – Bought over by a Chinese firm – Hubei Science & Technology Investment Ltd. Jun-12
21 Schott Germany c-Si Discontinue c-Si production Jun-12
22 Abound Solar USA CIGS Bankruptcy Jul-12
23 GE USA Cd-Te Expansion put on hold Jul-12
24 Q-Cells Germany c-Si Acquired by Hanhwa Aug-12
25 Miasole Germany CIGS Acquired by Hanergy Oct-12
26 Moser Baer India a-Si Shut down

___________________________________________________________________________________________
Subscribe to RESolve Energy Consultants : Perspectives and Insights by Email
___________________________________________________________________________________________

2 thoughts on “Solar PV manufacturing – consolidation continues..”

  1. Thank you, Madhavan, for the list of the dead. You might want to add 3S Soluciones of Spain and Schuco of Germany to this list. And put Sharp and Centrotherm under watch. Amazing how the Chinese are able to massacre the competition!

  2. Pingback: Solar PV – Bankruptcies, warranties and implications for Indian project developers | RESolve Energy Consultants

Comments are closed.