Hanwha Solutions Q CELLS Enters German Energy Trading Platform Business

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[Asia Economy Reporter Oh Hyung-gil] Hanwha Solutions Q CELLS is entering the energy platform business specialized in the German power trading market.

Hanwha Solutions Q CELLS Europe, the European subsidiary of Hanwha Solutions Q CELLS division, announced on the 20th that it signed a contract on the 14th (local time) to acquire approximately 66% of the shares of LYNQTECH, a German energy trading platform company. Hanwha Q CELLS has strengthened its position as a 'total energy solution' company based on software and information and communication technology, following its manufacturing business producing solar cells and modules.

LYNQTECH is a subsidiary established in July 2020 by Enercity, a public utility supplying electricity and gas in Germany, and develops and operates an energy platform specialized in the German power trading market. Businesses using the LYNQTECH platform can manage the entire business process in real time, from marketing and power grid operation to billing, enabling cost savings.

Hanwha Q CELLS plans to secure capabilities in the energy platform business to develop platforms tailored to the characteristics of each national market and to advance its power sales business. In particular, it can strengthen competitiveness by utilizing smart platforms in the distributed energy business, which builds and operates renewable energy power plants for residential and commercial buildings.

Furthermore, synergies are expected with power plant development and operation projects underway in the United States and Europe. Including the 500MW scale solar power development project in Germany promoted by Q Energy, Hanwha Solutions' European subsidiary, Hanwha Q CELLS plans to utilize smart energy platforms in the power supply process of renewable energy power plants being developed and constructed worldwide.

Additionally, Hanwha Q CELLS plans to expand its power sales business based on distributed generation connecting small-scale power generation such as solar and wind, in collaboration with LYNQTECH and Growing Energy Labs, a U.S. software company acquired in 2020. Hanwha Q CELLS is developing and selling an energy management system (EMS) that efficiently stores and operates power using artificial intelligence (AI) technology in the U.S. and other countries.

Lee Gu-young, CEO of Hanwha Q CELLS, said, "As the importance of smart energy platforms is increasing globally, the qualitative and quantitative growth of the business through this investment will be an important momentum for growth as a global energy solution company."

This content was produced with the assistance of AI translation services.