South Korean solar PV products manufacturer Hanwha Q Cells has set aside KRW 1.5 trillion ($1.27 billion) to expand its domestic solar cell and module production capacity to 7.5 GW annually by 2025 as part of its future production plans the company has shared.
Local media reported Hanwha Q Cells' CEO Lee Koo-yung as saying that the company will also invest the money for production line conversion and research for new technologies as perovskite-silicon tandem solar cells. The manufacturer has formed a consortium with college research teams and private players to research on next generation tandem cell technology.
Headquartered in Seoul, Hanwha Q Cells currently operates manufacturing facilities in China, Malaysia, US and South Korea, with Technology and Innovation headquarters in Thalheim, Germany. In the US, it opened a 1.7 GW solar module fab in 2019 (see Hanwha Throws Open 1.7 GW US Module Fab).
In May 2021, the company said it will invest €15.5 million on R&D in the German facility while revealing plans to launch a new N-type Q.Tron solar module in 2021 (see Hanwha To Launch New N-Type Solar Module In 2021).
South Korea should now officially be a favorite market for private investors in the field of renewable energy after the country's National Assembly cleared Carbon Neutrality and Green Growth Act (see South Korea Clears Carbon Neutrality Act).
Licensed use of passivation cell technology
In a related development, Hanwha Q Cells has reached an agreement with an unidentified German solar module manufacturer to allow the latter licensed use of its patent-protected cell passivation technology. This technology is at the heart of a patent infringement dispute the company is embroiled in with LONGi Solar, JinkoSolar and REC Group (see Hanwha Complains Of Patent Infringement).