[Infostock Daily = Reporter Kim Jong Hyo] Hanwha Solutions made an announcement on the 10th that it has signed a contract with the Q Cell division(Hanwha Q Cells) on the 9th to acquire a 100% stake in the U.S. software company Growing Energy Labs(GELI).
The contract is the first merger and acquisition(M&A) since Hanwha Chemical merged with Hanwha Q Cells & Advanced Materials Corporation in January and was launched as an integrated corporation, Hanwha Solutions. Hanwha Solutions will finalize the acquisition work within the year after reviewing the US Foreign Investment Review Committee.
GELI was founded in San Francisco in 2010 and has developed and sold its own energy management system(EMS) that controls commercial solar power generation facilities and energy storage(ESS) through data analysis technology.
Hanwha Q Cells is planning to enter the distributed energy solution market through this acquisition.
Reporter Kim Jong Hyo kei1000@infostock.com
