Hanergy Holding Group Ltd. announced that it had successfully acquired Global Solar Energy Inc. in the wake of the accusations about China's subsidy on solar power, creating unfair competition in the process.
The accusations came from the US Government and European Union, who both claimed that the subsidy allowed Chinese manufacturers to sell their solar panels below the industry average price. Last year, the US already slapped anti-dumping fees on solar cells from China and the EU is poised to follow suit.
Hanergy chairman Li Hejun said in a statement on Thursday that Arizona-based Global Solar Energy will continue to serve the US market. Although Global Solar's finances are not up to par, Hanergy was more interested in its technology, reports said.
Global Solar is introducing the use of copper indium gallium diselenide technology in its solar panels. As a result, the finished product is lighter and thinner compared to crystalline silicon modules.
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