Hanergy Holding Group (Hanergy), once a leader in China's thin film solar cell manufacturing, showcased the world with full solar power electric vehicles (EVs). These EVs can travel up to 80km after absorbing sunlight during simply one daytime and they are ready for commercialization.

At a grand ceremony themed "Disruptive Innovations Drive the Future" held on July 2, 2016 in Beijing, China, Hanergy made the debut of four solar power EVs – the Hanergy Solar Series including Hanergy Solar A, Hanergy Solar O, Hanergy Solar L and Hanergy Solar R.

The four full solar power vehicles are integrated with flexible GaAs thin-film solar cells, covering 3.5 to 7.5 square meters respectively. “With five to six hours of sunlight, the thin-film solar cells on the vehicle are able to generate eight to ten kilowatt-hours of power a day, allowing it to travel about 80km, which satisfies the need of driving in a city under normal circumstances,” introduced Dr. Gao Weimin, Vice President of Hanergy Holding Group and CEO of its Solar Vehicle Business Division.

For long-distance travel in cloudy or rainy days, the Hanergy Solar Series equip with lithium-ion batteries and charging ports. The batteries enables a maximum travel of 350km per charge.

Furthermore, Hanergy’s GaAs thin-film solar cells are certificated with a conversion rate of 31.6%, which is able to enhance the traveling distance per day of sunlight exposure to 100km. Hanergy Solar Series will also integrate with IoT technology so that the drivers can understand their driving habits though cloud computing and big data analysis.

Li Hejun, Board Chairman and CEO of Hanergy, said that Hanergy Solar Series is ready to go commercialize, and the company plans to manufacturer 300,000 solar cars under this brand name over the next two to three years as the first-phase production. He also unveiled that Hanergy will further develop solar power products such as drones.

No response to schedule of resumption

On July 7, 2015, Li lost his position as the richest man in China because Hanergy’s stock price significantly fell by 47%. Hanergy suspended trading on HKEx due to successive financial problems, and has not resumed until the debut of solar power vehicles. However, Li didn’t answer schedule of trading resumption. Instead, he told media that the company has been “communicating with Securities and Futures Commission of Hong Kong.”

The trade suspension and other related financial concerns caused rapid financial decline in Hanergy ThinFilm Power. In 2015, the company’s revenues was HK$2.8 billion, down 70.73% from 2014. Net loss of HK$12.2 billion was even twice over the sum of income in the first four years since the company’s IPO in 2011.

The market is still wait and see how Hanergy will develop. Technologically and financially.