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Hansol Technics Spins Off Solar Module Business to Launch 'Hansol EnergyOn'

[비즈한국] It has been confirmed that Hansol Group affiliate Hansol Technics004710 has spun off its solar module business to establish a subsidiary named Hansol EnergyOn. Recent sales in Hansol Technics' solar module business have been sluggish compared to the past. The business community is focused on whether Hansol EnergyOn can successfully grow the solar module business.

Hansol Technics is an affiliate of Hansol Group, with Hansol Holdings004150 as its largest shareholder, holding a 20.26% stake. The company's core businesses include electronic components, EMS (mobile phone assembly), semiconductors, automotive components, and solar energy. Hansol Group Chairman Cho Dong-gil is directly involved in management as an executive director at Hansol Technics.

On the 6th, Hansol Technics announced that it would begin full-scale profitability enhancement through the restructuring of its global production base and business structure. The company explained that it had converted its solar module division into a subsidiary to strengthen the independence and efficiency of its business operations, aiming to improve overall business competitiveness by reorganizing its portfolio.

A Hansol Technics official stated at the time, "We plan to improve long-term profitability and secure growth momentum through an overall review and reorganization of our business portfolio. We expect to secure a stable business structure and revenue base across electronic materials, semiconductors, and automotive components together with subsidiaries like Hansol iOneS and Hansol Orion Tech."

Hansol Technics entered the solar module business in 2010 and has pursued aggressive investment activities to develop new technologies. It achieved milestones such as developing the first domestic 'media' solar module. However, it had not previously disclosed specific plans regarding a subsidiary for its solar module business.

According to Biz Hankook's investigation, Hansol Technics established its subsidiary Hansol EnergyOn, which will handle the solar module business, on February 9. Yoo Kyung-joon, CEO of Hansol Technics, is the sole executive director listed for Hansol EnergyOn. The headquarters is located at the Hansol Technics Ochang site in Cheongju, North Chungcheong Province. Hansol EnergyOn is scheduled to take over the solar module business from Hansol Technics this April and begin full-scale operations.

The business community is focusing on whether Hansol EnergyOn will emerge as a new cash cow for the Hansol Group. Recent performance in Hansol Technics' solar module business is considered to be below its past levels. In early 2023, the solar module business generated over 50 billion won in revenue per quarter, but recent quarterly sales have hovered in the 10 billion won range.

However, the mood in the solar industry has become optimistic following recent comments by Tesla CEO Elon Musk, who announced plans to build 100 gigawatts (GW) of solar cell production capacity in the U.S. Han Byung-hwa, a researcher at Eugene Investment & Securities, assessed, "While 100GW might be an exaggerated figure considering U.S. demand, the 'Musk Empire' securing GW-scale solar production capacity to power data centers is a major milestone for the energy industry. Ultimately, it will have a more positive effect in terms of solar energy cementing its position as a standard in the energy industry through enhanced competitiveness."