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|
|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|
|8||Solon||Germany||c-Si||Bankruptcy – Bought by Microsol, UAE||Dec-11|
|13||Auria||Taiwan||a-Si||Delisting from Taiwan Stock Exchange||May-12|
|15||Day4Energy||Canada||c-Si||Delisting from Toronto Stock exchange||May-12|
|17||Solibro||Germany||CIGS||Acquired by Hanergy||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|
|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||–|
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