Solar module maker Hanwha Q Cells Co. Ltd. has obtained a US$20 million loan from Wells Fargo Capital Finance to be used as working capital to expand its US presence.
Jay SEO, Chief Financial Officer of Hanwha Q Cells said Wells Fargo’s confidence in lending the amount “demonstrates the combined strength of our newly-merged companies–Hanwha SolarOne and Hanwha Q Cells–to meet rigid credit standards, as well as access funding outside of our traditional sources in China and South Korea.”
“The US is a key strategic market for our company and we are particularly well-positioned to capture share with our diverse ‘tariff free’ manufacturing base outside of mainland China,” he added.
In February 2015, Hanwha Q Cells merged with Hanwha SolarOne. The combined company is listed on NASDAQ under the trading symbol of HQCL. It is headquartered in Seoul, South Korea and Thalheim, Germany.