Chinese buyer says solar firm Miasole will expand

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Associated Press

Posted on January 9, 2013 at 3:00 AM

Updated Wednesday, Jan 9 at 9:02 AM

BEIJING (AP) — The Chinese company that bought Miasole, a California producer of thin-film solar panels, says it can make a success of the emerging technology where others have suffered huge losses.

Hanergy Group's chairman Li Hejun said Wednesday that its strong finances will help Miasole invest in research and ride out a downturn in the global solar market, while its links to customers in China and abroad will help build sales.

Hanergy says it is China's biggest privately owned renewable energy company, with interests in hydroelectric, wind and solar power.

Miasole was one of several U.S. startups that developed thin-film technology, which is more efficient than traditional silicon cells. But they struggled after prices of silicon cells plunged due to a glut of supply from China, drawing away buyers.

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