US-based thin film solar module maker Alta Devices conformed last week that it has been acquired by China-based renewable energy company Hanergy Holding Group.
Reports originally emerged last year stating that Hanergy had acquired Alta, one of several thin film solar manufacturers to struggle in the wake of worldwide solar cell prices falling, but Alta formally announced on Wednesday that the deal had closed. The price paid by Hanergy was not disclosed.
Investors in Alta include Presidio Ventures, which acts as the US-based venture capital subsidiary of Japanese trading firm Sumitomo, Dow Chemical, Energy Technologfy Ventures, which is backed by GE, ConocoPhilips and NRG Energy and Exelon-backed Constellation Energy, as well as Good Energies, Alberta Investwent Management Corporation, Technology Partners, Kleiner Perkins Caufield & Byers, Crosslink Capital, DAG Ventures, New Enterprise Associates, August Capital and Bright Capital.
Alta is the fourth foreign solar cell producer to be acquired by Hanergy, after Global Solar Energy, MiaSole and Solibro. Despite the technology effectively being priced out of use for large-scale power generation installations, it is thought to represent the future of mobile device charging.
Li Hejun, Hanergy’s chairman and CEO, said: “Alta Devices’ thin film solar technology allows more energy to be produced in lower light conditions than any other type of solar cell, giving it greater potential to power a wide range of mobile devices and equipment from phones to cars.
“It has the potential to change the way solar energy is used. This acquisition advances Hanergy’s goal to become the world leader in the solar technology of the future.”