• Kim Hee Cheul
  • Andreas von Zitzewitz
  • Kye Chun Son
  • Koo Yung Lee

Hanwha Q CELLS GmbH is a leading supplier of photovoltaic solutions with headquarters in Bitterfeld -Wolfen, Saxony- Anhalt. The company emerged from the Q -Cells SE. Since Hanwha had also acquired the rights to the name Q -Cells Q-Cells SE has been renamed Global PVQ SE.

The range includes solar cells, crystalline and thin-film solar modules and complete photovoltaic systems in power plant scale. According to preliminary figures for the 2011 financial year, Q -Cells achieved sales of EUR 1.023 billion euros, which represents a decline of about 24 percent compared to the previous year with more than 2000 employees.


In 1999 founded Anton Milner, in Berlin to build now deceased Reiner Lemoine, Holger Feist and Paul Grunow, Q-Cells with the aim of a solar cell production in Germany. Lemoine and Grunow were before, already involved in the founding of Solon AG, a manufacturer of solar modules, Feist was employed there. In July 2001, the first production line was developed for polycrystalline solar cells in Thalheim the operation. The first working solar cell ran on 23 July 2001 by the band.

In February 2008, the company was the seal of " Germany's Best Employers 2008" by the Great Place to Work Institute Germany in cooperation with the Research Institute psychonomics AG, the New Quality of Work Initiative (INQA ) and the business magazine Capital. In April 2009, the award was followed by the European Business Award in the category " Business of the Year ". This award honors companies, demonstrated exceptional financial returns, strong growth and leadership in their field with innovative business strategies combine.

In June 2009, the Company adopted Solibro, the CIGS thin film solar cells based on copper indium gallium diselenide produced. These modules are marketed under the product category and Q.SMART achieve an efficiency of 13.4% of the world's highest efficiency for thin-film modules in series production.

In March 2010, Q -Cells has been awarded for the communication campaign " Sun Sun Sun" with the " Sustainable Energy Europe Award ". The award went to the campaign partners, Q-Cells, Sharp and MTV for the special commitment to energy efficiency, environmentally friendly transport and the promotion of renewable energies.

Since July 2011, the company is advertising partner of Borussia Dortmund. The partnership is for five years and also includes the implementation of a photovoltaic system on the roof of the Signal Iduna Park. To use the Q.SMART called thin-film modules from Q -Cells came.

Also in July 2011, the company took a production line for crystalline solar modules at its headquarters in Bitterfeld- Wolfen in operation. This advanced Q -Cells the location of ten years after the start of cell production by a module production. The production capacity is given as 130 MWp and will be mainly for the product line Q.PEAK available.

On 3 April 2012, the company filed for the opening of insolvency proceedings at the local court Dessau. In June 2012, an agreement on the sale of the subsidiary Solibro to the Chinese company Hanergy Holdings Group was announced. The insolvency proceedings over Q -Cells was opened on 1 July 2012 for the time being but it should be no layoffs of employees.

In August 2012, the South Korean company Hanwha announced an offer to acquire Q-Cells. Also of interest was the Spanish company Isofotón expressed. On August 29, 2012, the meeting of creditors of the sale of Q-Cells to Hanwha agreed, after the South Korean company and the liquidator already on August 26, had signed a contract. Hanwha will accept business -related liabilities in the amount of approximately 220 million euros and a purchase price of 40 million euros in cash. The intention is to carry on the majority of Q -Cells Group to obtain including the location of the plant in Bitterfeld and Malaysia, and three quarters of 1550 jobs. The purchase contract must still approve the Federal Cartel Office. Following the completion of the insolvent company was renamed Q -Cells SE in Global PVQ SE takes over from Hanwha parts of the business operate now as Hanwha Q -Cells GmbH.


Q -Cells wrote significant losses in fiscal year 2011. More than half of the share capital has been used up. In fiscal 2012, the company expects the red. With a deferred payment of € 500 million to creditors supported a restructuring. Since the restoration plan is not expected to lead to success, the company presented on April 3, 2012, an application for the opening of insolvency proceedings. According to the company a positive EBITDA is expected to be recouped until the fiscal year 2013.

Stand on 6 March 2012


With effect from 5 October 2005, the first listing in the Prime Standard followed the Frankfurt Stock Exchange. On December 19, 2005 Q -Cells moved along with ErSol Solar Energy AG on the Nasdaq Deutsche Börse. On March 6, 2012, the resignation with effect from March 19, 2012 it was announced; the stock was replaced by Euro Micron. From its launch on 4 June 2007 to 15 June 2012, the share was listed in ÖkoDAX, but was resumed on 24 September 2012 after the plant manufacturer Centrotherm photovoltaics was excreted.

The market value rose from 20 € up to 80 € the end of 2007, but then fell - mainly due to the competition in Asia - up to 0.50 euros. In June 2011, there were approximately 27 million shares, accounting for the financial years 2009 and 2010, a dividend of 0.03 euros was paid.

In the fall of 2011, the share was increasingly target of speculators. To undercut the banks BNP Paribas, Commerzbank, and DZ Bank German bank called call and put options as derivatives with which to rising or falling prices can be bet. These derivatives were partially traded in million units, exceeding in the aggregate the number of actual shares. According to the Bloomberg news agency subject to 45 percent of the Q- Cells shares in this manner of speculation. On 9 November 2011, approximately 30 million shares were traded on the exchange.

In the following period the proportion of shares in free float increased from 80 (November 2011) to almost 97 percent ( September 2012 ) as some investors withdrew from participation. After the Prime Standard listing was canceled, the share from the ÖkoDAX retired again.


Q -Cells produces mono- and multicrystalline silicon solar cells. The largest share is accounted for by multi-crystalline solar cells currently achieve an efficiency of up to 17.4 percent. The monocrystalline solar cells from Q -Cells achieve efficiencies of up to 18.8 percent.

The solar cells are both sold to external customers as used for the production of crystalline solar modules, which markets the company since mid-2010 under the brand name Q-Cells. Multi Crystalline solar modules are offered in the product lines Q.BASE and Q.PRO. As Q.PEAK Q -Cells called its monocrystalline solar modules that can come up with much higher efficiencies. Of this there is also a whole all black version.

Besides based on crystalline silicon products, Q-Cells is also working on photovoltaic modules of the second generation - the so-called thin-film modules. Here, the company is concentrating now on CIGS technology. These modules will be conducted under the name Q.SMART. The end of March, 2011, Q -Cells the latest in a series of world records in the efficiency of CIGS thin-film modules from the series production known: measurements of the Fraunhofer ISE could confirm a module output of 100.3 watts peak and relative efficiencies of 14.7 percent to the aperture. This value lies by comparison with the published " Photovoltaics in Progress" in the record table on top of the world for thin-film modules.

Research and Development

The company specializes in the production as well as in R & D in the value chain to cells and modules. Silicon ingots are produced from proprietary crystallization for research purposes only to a small degree. However, the wholly owned subsidiary Solibro research in the field of CIGS thin-film photovoltaics.

In July 2011, Q -Cells announced a research success in the crystalline photovoltaics. Thus, a multi-crystalline module was presented with a relative efficiency of 18.1 percent to the aperture area. The module is based on a new cell generation, which is called Q -Cells Q.ANTUM. Previously, the record was 17.8 percent.


Nedim Cen was Chief Executive Officer and Chief Financial Officer since March 2010 ( the Board since June 2009, Chief Financial Officer since November 2011). The Executive Board also Andreas von Zitzewitz was responsible for production and technology, marketing and sales since August 2011, he was taken as the only in the new management of Hanwha Q-Cells.

Since June 2010, Karlheinz Hornung was the Chairman of the Supervisory Board. Deputy Chairman Christian was riding Berger. The Supervisory Board consisted of nine people.

The opening of insolvency proceedings, the decision lay in the management no longer with the Board, so that the Supervisory Board had no legally legitimized function more. However, following negotiations with the liquidator, the works council and the new owner Hanwha 1300 employees will be taken likely.