Hanwha Q Cells, a leading solar power solutions provider, said Friday that it will buy US energy software company Geli to further its standing in the industry.
The energy business arm of Hanwha Solutions said it plans to acquire a 100 percent stake in the American company, with the entire deal to be completed within the year. The process involves getting the go-ahead from the Committee on Foreign Investment in the United States, the company said.
Geli, also referred to as Growing Energy Labs, was set up in San Francisco in 2010 and has built up know-how in solar power generation facilities and energy storage system controls.
"Hanwha Q Cells has made money by selling photovoltaic solar cells, but with the merger with Geli, the company can provide a fuller package of solutions to customers that includes areas like electricity trading," the South Korean company said.
It said that the latest arrangement comes as the global energy market is undergoing change that requires greater control of software.
The company added that it initially wanted to sign the deal in the first quarter, but this plan was delayed due to the coronavirus outbreak. (Yonhap)