Press release:
Hanwha Q CELLS Co., Ltd., (“Hanwha Q CELLS”) (NASDAQ: HQCL) and 1366 Technologies, Inc., (“1366”) today announced that they have entered into a supply agreement in which 1366 will supply up to 700 MW of wafers using 1366’s proprietary Direct Wafer™ technology to Hanwha Q CELLS over a five-year period.
This deal follows a year-long strategic partnership and collaborative R&D efforts to commercialize 1366’s Direct Wafer™ technology with Hanwha Q CELLS’ Q.ANTUM cell technology. 1366 will supply the wafers from its planned U.S. manufacturing facility in New York State, scheduled to be online in 2017.
The agreement ensues months of intense technical collaboration between the two companies during which a series of performance records for the Direct Wafer™ technology were achieved. Hanwha Q CELLS and 1366 jointly reached a maximum efficiency of 19.1% using Direct Wafer™products in Hanwha Q CELLS’ Q.ANTUM cell, as independently verified by the Fraunhofer ISE.
“This agreement with one of the world’s most respected and innovative solar manufacturers is, no doubt, a significant milestone for our business. It further demonstrates the compelling capabilities of the Direct Wafer™ technology and the readiness of this innovation, and establishes its long-term bearing on the industry,” said Frank van Mierlo, CEO of 1366 Technologies. “We’ve found a strong partner, Hanwha Q CELLS, and we are extremely proud of the work we’ve accomplished together.”
“This agreement aligns with our continuing efforts to bring about world leading technologies that enable solar energy to be more competitive and more affordable,” commented Seong-woo Nam, CEO of Hanwha Q CELLS. “We are pleased with the progress we have made together during the past year and excited about the potential of 1366’s Direct Wafer™ products with Hanwha’s cell and module technologies to deliver further cost reductions and LCOE competitiveness to standard multi-crystalline wafer-based modules.”
Provided that 1366 meets certain terms and conditions related to its wafer qualification and timing of delivery as agreed by both parties, Hanwha Q CELLS’s commitment to purchase up to 700 MW of wafers over a period of five years will commence.
1366’s Direct Wafer technology is a transformative manufacturing process that offers significant advantages over traditional cast-and-saw wafer production technologies. The process makes wafers in a single step, pulling them directly from molten silicon instead of today’s multi-step, energy- and capital-intensive approach, resulting in significant wafer production cost savings.
Hanwha Q CELLS' Q.ANTUM technology is based on PERC (Passivated Emitter Rear Cell) architecture and includes many additional technological features for maximum energy yield under real conditions. Q.ANTUM significantly enhances power output, low-light and temperature-behavior, while at the same time offering all of Hanwha Q CELLS' VDE certified quality standards like Anti-PID protection, Hot-spot protect, and Tra.Q laser marking.
Additional Note: Hanwha was part of a Series C funding round in 2010 that raised $20 million in venture capital to back 1366 Technologies. It was announced at that time that Hanwha planned to become a 1366 customer once production began. The latest available information online indicates that 1366 has raised more than $70 million from private investors.
