Hanergy Looking to Establish Itself in the Solar Car Market

Hanergy Glory Solar Technology has announced that it plans to raise USD 25 million for 10-20 percent of its company share to fund its solar car program

Hanergy Glory Solar Technology, an EV startup has announced that it plans to raise USD 25 million for 10-20 percent of its company share to fund its solar car program, including further developing its R&D in solar vehicle power system and establishing sales channels.

The announcement is aligned with the company’s robust plan to strengthen its foothold in the solar car market. Earlier last month, Hanergy Glory Solar Technology has successfully concluded a one-month test drive of the world’s first commercial solar power vehicle solution, Chinese K-car at China Automotive Technology and Research Center.

During the 30-day trial, at the end of each day after a 20 km run, the Chinese K-Car retained 60-80 percent of battery charge which means the car could still run a further 30 km to 80 km in that single day. By August 7, 2019, the last day of the 30-day test drive, despite an 8-day straight overcast or rainy weather, the battery still retained 60 percent of power, proving another irreplaceable feature of solar thin-film, which is generating power even under low/weak light conditions.

According to Hanergy Glory, the tested solar car was built on the concept of the Japanese K-Car, a category of vehicle that was created to meet basic daily transportation needs. The emergence of China’s middle class is driving the demand for a vehicle that could serve multiple purposes including daily commutes and family trips.

According to statistics by the Japanese Automobile Manufacturers Association (JAMA), in Japan, over 60 percent of K-car users do not drive more than 400 km a month, which is less than 20 km per day. Such mileage can be met by the solar solutions of this test.

“We are on a constant lookout for models that can maximise solar performance. We hope to get more models to install our unique lightweight thin-film solar solution. Besides, we are currently also looking for partners and investors to develop diverse electric vehicles to increase the solar vehicle portfolio to contribute towards a sustainable world,” Dr. Lu Tao, CEO of Glory Solar Technology said.

On September 25, 2019, Hanergy Glory signed with Zhejiang Tianyou Company a sales contract for 140,000 express delivery cars.