Hanwha Q CELLS Achieves Positive Q1 2014 Results, Now is the Largest European PV Provider

Hanwha Q CELLS announced that it has reached positive operating results in the first quarter of 2014 and is now the largest European PV provider. The German-headquartered PV solutions specialist achieved growing revenues and positive earnings before interests and tax (EBIT) in the first three months of 2014.

Moreover Hanwha Q CELLS has taken the lead among European PV companies with total shipments of 247 MW and a module production volume of 244 MW in Q1 2014. With these results Hanwha Q CELLS underlines its statement to reach positive full year figures in 2014.

“Hanwha Q CELLS has successfully managed the turnaround and today is the largest European photovoltaics provider,” CEO Charles Kim said. “Going forward, we aim to extend this position on the basis of further growth within this year and the years to come. We are therefore very confident we will reach shipments of between 1 and 1.2 GW and positive full year figures in 2014.”

“We’ve been seeing continuously growing demand for our premium quality PV products and solutions ‘Engineered in Germany,’” Kim added. “Our international cell and module production lines including manufacturing in the EU and Asia are running at full capacity. Moreover we are currently increasing our production capacity to a total of 1.3 GW.”

The increase in capacity will be achieved by adding one additional production line for solar cells in the company’s plant in Malaysia and adjusting module capacities accordingly.

Hanwha Q CELLS are clear proof of the positive development and business outlook of the company. The premium PV solutions provider has managed to gain further market share in its European home-markets and in its single largest market, Japan. In Europe, the United Kingdom is an especially important market for the company, followed by France and Germany. At the same time, Hanwha Q CELLS Japan has reached the position as the largest foreign PV provider in Japan. Moreover, Hanwha Q CELLS has been expanding its power plant solutions business. On the basis of the company´s track record of around 700 MW of installed capacity in large scale power plants Hanwha Q CELLS has realized projects in the Europe, the Americas and Asia.

During the company’s first full year, 2013, Hanwha Q CELLS has strengthened teams at its headquarters in Germany as well as at its mass production site in Malaysia, and increased its international sales force in order to satisfy growing global demand. In 2014 the PV specialist has opened new offices in France as well as in emerging markets Turkey and Chile. Thus, Hanwha Q CELLS has increased its global headcount from 1,225 employees at the launch of the company in October 2012 to around 1,350 employees at present.