Hanergy Holding Group Ltd., a Chinese maker of thin-film solar panels, bought Alta Devices of the U.S. for technology that works in low-light conditions.
Hanergy will use Alta’s solar cells in applications including emergency charging of mobile phones and cars, the Chinese acquirer said in a statement today. Financial terms of the purchase weren’t disclosed.
The Beijing-based company will expand Alta’s solar-cell factory in California, Chairman Li Hejun said at a press conference in Beijing today.
The deal is Hanergy’s fourth overseas acquisition of thin-film technology since 2012. It bought Global Solar Energy Inc., Miasole Inc. and Q-Cells SE’s Solibro unit in a bid to compete with First Solar Inc. (FSLR:US), the biggest maker of thin-film panels by shipments.
A thin-film solar cell is made by placing layers of photovoltaic material on a semiconductor wafer. Alta’s use of of gallium arsenide will allow solar cells to “harvest energy from indoor light,” Chief Executive Officer Chris Norris said at the press conference.
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