Korean diversified firm Hanwha Options Corp (KRX:009830) on Thursday reported record-breaking progress in 2022 for the Qcells-led renewable power division, with gross sales leaping 56% on the yr.
The Seoul-based firm, which additionally runs chemical and superior materials divisions, mentioned that the renewables phase contributed KRW 5.57 trillion (USD 4.38bn/EUR 4.08bn) in gross sales, the very best degree because the launch of the photo voltaic enterprise in 2011. Furthermore, it posted an working revenue of KRW 350.1 billion towards a loss from a yr earlier.
Hanwha Options attributed the expansion in renewables to elevated gross sales of improvement tasks akin to photo voltaic and wind farms, and accelerated gross sales of photo voltaic panels within the US. Only in the near past, it introduced that Qcells will proceed to speculate over USD 2.5 billion (EUR 2.33bn) within the creation of a fully-integrated, silicon-based photo voltaic provide chain within the US.
On the very finish of January, Hanwha Options signed a binding time period sheet with Norway-based REC Silicon ASA during which it’s the largest shareholder. By way of the pact, it basically secured the offtake of 100% of the prime FBR polysilicon manufacturing from REC’s currently-idle Moses Lake facility in Washington.
“Securing offtake of production volumes has been a prerequisite for the reopening of the Moses Lake facility, and it marks an all-important milestone to have this in place,” Kurt Levens, CEO of REC Silicon, said on the time. The restart of the plant is scheduled for the fourth quarter of 2023, with a objective to achieve full capability utilisation by end-2024.
On a gaggle degree, Hanwha Options reported its biggest-ever gross sales and working earnings at KRW 13.65 trillion and KRW 966 billion, respectively, although these figures have been nonetheless beneath expectations, in line with native media experiences. Its full-year web revenue fell by 38.7% to KRW 378 billion due to losses from the Naptha-cracking subsidiary.
“While there are lingering uncertainties over petrochemical businesses, I expect we can continue to grow from US solar market expansion and the passage of Inflation Reduction Act,” CFO Shin Yong-in commented and added that the group is concentrating on greater than KRW 1 trillion in working revenue this yr.
(KRW 1,000 = USD 0.786/EUR 0.732)
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