Hanwha Q Cells acquires 66 percent of Germany's Lynqtech
Hanwha Q Cells, a solar energy division of Hanwha Solutions, said that it acquired 66 percent of Lynqtech, a German energy trading service company, Thursday. The company did not disclose the amount of the deal, which was signed on July 14.
The goal is to expand its business portfolio from manufacturing solar energy panels and modules to software-powered services, according to Hanwha Q Cells.
Founded in July 2020 as a subsidiary of Germany's state-run Enercity, Hannover-based Lynqtech developed and runs an energy trading service through which users can oversee the marketing, grid operation and billing of electricity.
Hanwha Q cells hopes to enhance its electricity sales business through the acquisition, and to develop electricity trading products customized for each country.
The company plans to adopt the new trading service in its projects in the U.S and European regions. Q Energy, a Hanwha Solutions European subsidiary, announced on July 12 that it will build solar power plants with a combined capacity of 500 megawatts in Germany with Frankfurt-based Enviria.
Hanwha Q Cells is selling an energy management system in the United States and other countries, which was co-developed with Growing Energy Labs. Hanwha acquired the U.S. software company in 2020.
“The quantitative and qualitative growth of our business through the acquisition will add a crucial momentum for us to become the global energy solution company,” said Lee Koo-yung, CEO of Hanwha Q Cells.
BY SHIN HA-NEE [firstname.lastname@example.org]