Hanwha Q Cells And 1366 Technologies Strike 5-Year Supply Deal

Hanwha Q Cells Co Ltd –ADR

disclosed, in a statement, that it struck a five-year agreement with 1366 Technologies Inc enabling a supply of a maximum of 700 MW of wafers. According to the company, the agreement comes after a year-long tactical alliance and collaborative R&D efforts to commercialize 1366's Direct Wafer tech. Hanwha Q Cells indicated that 1366 would supply the wafers from its manufacturing unit in the New York that is scheduled to go online next year. The company said that both struck a maximum efficiency of 19.1% with the help of Direct Wafer products. The company's CEO, Seong-woo Nam, commented about the deal, stating: "This agreement aligns with our continuing efforts to bring about world leading technologies that enable solar energy to be more competitive and more affordable". Similarly, 1366 Technologies CEO, Frank van Mierlo, said "This agreement with one of the world's most respected and innovative solar manufacturers is, no doubt, a significant milestone for our business. It further demonstrates the compelling capabilities of the Direct Wafer technology and the readiness of this innovation, and establishes its long-term bearing on the industry". On Monday, shares of the company closed with 0.44% gain.