Hanwha SolarOne Makes Aggressive Push into Energy Storage Market Through Partnership with Silent Power
Leads $8 million funding round; Bundled products to hit market by
September
SANTA CLARA, Calif. & BAXTER, Minn.--(BUSINESS WIRE)--
Hanwha SolarOne Co. Ltd., (Hanwha SolarOne), a top-10 global
photovoltaic manufacturer of low-cost, high-quality solar photovoltaic
modules, today announced a strategic partnership with Silent Power, the
innovative energy storage systems company.
The Hanwha Group, Korea's top-10 business group, led Silent Power's
Series B funding round with an $8 million investment. The investment in
Silent Power is an aggressive move into an important market downstream
and lays the foundation for a robust partnership. The investment
strengthens the Hanwha Solar network, enhancing the Hanwha Group's solar
offerings.
The strategic partnership will feature a co-marketing strategy for
bundling Hanwha SolarOne's high quality photovoltaic (PV) panels with
Silent Power's distributed energy storage device, the OnDemandTM
Energy Appliance, to offer a complete solar power and energy storage
system for the residential, commercial and industrial markets. The first
bundled product offering will be ready by September of this year.
"We know from our customers that energy storage is an essential key to
unlocking the full potential of renewable energy. It enables a smarter
energy grid and achieves reliability and value for a solar system," said
Charles Kim, president of Hanwha SolarOne. "Hanwha SolarOne is building
the solar economy of the future with focused, strategic partnerships
like this collaboration with Silent Power. It expands the Hanwha
SolarOne's portfolio of product offerings and builds upon our goal to be
the most innovative, flexible and reliable partner for our customers."
The ability to store energy for later use enhances the value of solar PV
by stabilizing intermittent solar energy generation and reducing peak
demand loads across the grid. Energy production from solar PV peaks
during prime sunlight hours, typically from 9 a.m. to 3 p.m., and does
not always align with the peak demand for energy. By storing excess
energy produced during times of peak production, the energy can be saved
for later use. The stored energy can be used locally by the owner of the
system, or can be used by the local utility company to provide power to
the electric grid during times of peak demand. The OnDemand Energy
Appliance can also provide backup power to the owner during grid outages.
"Bundling the innovative OnDemand Energy Appliance with high quality
solar PV panels from Hanwha SolarOne will offer a valuable distributed
power system to consumers looking for a renewable energy solution," said
Todd Headlee, chief executive officer of Silent Power. "The global
strategic partnership with a market leader like Hanwha SolarOne will
help accelerate greater commercial deployment of Silent Power's energy
storage technology."
About Hanwha SolarOne
Hanwha SolarOne is a global provider of total solar energy solutions and
a leading manufacturer of silicon ingots, wafers and photovoltaic cells
and modules. As the flagship company of Korea's Hanwha Group—a FORTUNE
500 company—Hanwha SolarOne offers value beyond its high-quality
products by providing value-added services such as joint-development,
project funding and co-marketing. As a global solar energy solution
provider, Hanwha SolarOne maintains a strong worldwide presence, with
employees located throughout Europe, North America and Asia. It embraces
environmental responsibility and sustainability, playing a major role in
the voluntary photovoltaic recycling program and community-development
projects. Delivering top value to customers through fully-integrated
solar solutions, Hanwha SolarOne's overriding goal is to set new
standards in innovation and value by redefining what it means to be a
vertically integrated company. For more information, visit www.hanwha-solarone.com.
About Hanwha Group
Founded in 1952, Hanwha Group is a leading Korean business group with 53
domestic affiliates and 78 global networks in three major sectors of
manufacturing/construction, finance and service/leisure. In 2011, Hanwha
Group held assets of USD 87.7billion and total revenue of USD 31.6
billion. Putting strategic emphasis on renewable energies and global
expansion, Hanwha Group has made successful advancements in solar
energy, rechargeable batteries and biosimilars. Hanwha Group has also
extended its global footprint in Europe, China, Southeast Asia, the
Middle East and the United States. For more information, visit www.hanwha.com.
About Silent Power
Based in Baxter, Minn., Silent Power, Inc. manufactures and markets
easy-to-install, highly reliable distributed energy storage systems for
the renewable energy and backup power markets. The company has developed
dispatchable storage solutions for grid-tied solar and electric vehicle
charging applications, and its solutions are easily adaptable to any
battery chemistry and utility advanced metering infrastructure or
distribution automation communications platform. The company is working
with more than a dozen utilities across the United States on energy
storage projects. For more information, please visit www.silentpwr.com.
Hanwha SolarOne
John Xi, +86 21 385 215 21
PR & Advertising
Manager
john.xi@hanwha-solarone.com
or
Silent
Power
John Frederick, 218-833-2135
Senior VP of Sales and
Marketing
jfrederick@silentpwr.com
Source: Hanwha SolarOne Co. Ltd.
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