Hanwha SolarOne defines new identity and synergies with Hanwha Group

SHANGHAI, CHINA: Hanwha SolarOne Co. Ltd (f/k/a Solarfun Power Holdings Co. Ltd), a vertically integrated manufacturer of silicon ingots, wafers and photovoltaic (PV) cells and modules in China, today expanded upon the significance behind its transition from the "Solarfun" brand name to its new "Hanwha SolarOne" identity.

Hanwha SolarOne is an independent, global, vertically integrated PV module manufacturer. Since 2004, as Solarfun, the Company has built a firm reputation as an established manufacturer, with a competitive cost structure and broad portfolio of high-quality PV products. By changing its name to Hanwha SolarOne, the Company has signaled its new relationship with its largest shareholder Hanwha Chemical Corporation, which offers significant, beneficial synergies.

Hanwha Chemical plans to engage in the production of high-grade crystalline silicon — the raw material used to produce silicon ingots, wafers, and cells — and Hanwha Group is currently engaged in solar project development and financing. Through its strategic partnerships with Hanwha Chemical Corporation and the Hanwha Group, the company will have greater access to both upstream (crystalline silicon) and downstream (project development and financing) resources for the manufacturing and distribution of its high-quality PV modules.

Dr. Peter Xie, president and CEO of Hanwha SolarOne commented: "Hanwha SolarOne represents a redefinition of the solar value chain. With enhanced control of our supply chain through the raw material capabilities of Hanwha Chemical Corporation, and expanded project development capabilities through the Hanwha Group, we believe Hanwha SolarOne will be able to develop a broader PV module portfolio for a wide range of applications in the utility, commercial, and residential markets. Our new name — Hanwha SolarOne — reflects our aspiration to be among the top global PV module manufacturers, while we carry on our same dedication to providing cost-effective, high-quality products to our customers."

In September 2010, South Korea-based Hanwha Chemical invested in Solarfun Power Holdings, purchasing 49.99 percent of its shares.