Hanwha Solutions Corp. said Thursday it is spending 380 billion won (US$294.7 million) to build facilities for advanced solar cell technology in South Korea and the United States.
The chemical and energy unit of South Korean conglomerate Hanwha Group unveiled the plan at Intersolar Europe, an exhibition for solar industry taking place in Germany this week, as it seeks to boost its key clean energy sector, the company said in a release.
Of the investment, Hanwha said it will spend 200 billion won to build a 1.4-gigawatt solar panel factory in the U.S., without specifying the location. That will boost its module production capacity to 3.1 gigawatts, it said.
On the domestic front, the company will spend 180 billion won to establish a new production line for cells using tunnel oxide passivated contact (TOPCon) technology.
TOPCon solar cells are considered next-generation technology, designed to add an ultra-thin oxide layer on top of a film attached to the back of solar cells, helping them absorb more light.
The envisioned cell factory will have a production capacity of 5.4 gigawatts, with the commercial operation to start in the first half of next year.
Hanwha Solutions also plans to invest about 1 trillion won over the next three years on domestic production, and research and development, it added.
Source: Yonhap News Agency