Hanwha Q Cells agrees to acquire 66 percent of Lynqtech in Germany

By Lim Chang-won Posted : July 21, 2022, 12:40 Updated : July 21, 2022, 12:40

[Courtesy of Hanwha Solutions]

SEOUL -- The renewable energy unit of Hanwha Solutions, a chemical and energy company affiliated with South Korea's Hanwha Group, will acquire a 66 percent stake in Lynqtech, a German cloud-based sales platform for energy service providers. Financial terms were not disclosed. 

A share purchase agreement was signed between the European branch of Hanwha Q Cells and Lynqtech, a subsidiary of German energy service provider Enercity. Lynqtech offers marketing, communication, business intelligence, product management, IT, accounting, distribution and customer services.  

Lynqtech's platform, developed in a modular structure, allows operators to manage marketing, power grid operations, and billing in real time and allows business processes to be assembled step by step and designed according to each country's energy market shape and regulations.

Hanwha Q Cells would expand electricity sales by developing a platform tailored to the characteristics of each country's market. The platform will be used for distributed energy projects that build and operate renewable energy power facilities in residential and commercial buildings.

Hanwha Solutions and Hanwha Q Cells would use the smart energy platform in the process of supplying power to renewable energy plants under construction around the world, including a 500-megawatt solar power development project in Germany.

"With the growing importance of smart energy platforms worldwide, the qualitative and quantitative growth of our business through this investment will be an important momentum for growth into a global energy solution company," Hanwha Q Cells CEO Lee Koo-yung said in a statement on July 21. 

Hanwha Q Cells aims to expand its distributed power sales business that connects small-scale power generation such as solar power and wind power through synergy with Lynqtech and Growing Energy Labs (GELI) acquired in 2020. GELI is a San Francisco-based company that provides software and business solutions to design, automate, and manage energy storage systems. 

Hanwha Solutions has taken an aggressive approach to acquire advanced green energy technologies. In 2021, the company invested $100 million in Lancium Technologies, an American startup specializing in power management in data centers after the acquisition of a 16.7 percent stake worth $160.5 million in REC Silicon ASA, a Norway-based company that produces polysilicon used as a raw material by the solar photovoltaic and electronics industry.

REC Silicon can produce 20,000 tons of polysilicon annually from two U.S. plants. Hanwha Solutions has strengthened its U.S. solar energy business, with Q Cells operating a solar module facility with an annual production capacity of 1.7 gigawatts in Georgia.

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