Qcells to take control of Lyngtech to digitise energy trading business

Solar cells and modules maker Hanwha Q Cells GmbH, or Qcells, has agreed to buy a 66% stake in German digital cloud platform company Lyngtech GmbH from municipal energy service provider Enercity AG to beef up its competencies in software and IT-based energy solutions.

The Hanover-based firm enables energy providers to digitise their sales-relevant processes in order to optimise their sales and reduce acquisition, service and operating costs.

Qcells, which is a division of South Korea’s Hanwha Solutions Corp (KRX:009830), said in a statement on Thursday that the strategic investment will lead to synergies for both partners, particularly in energy solutions relating to solar power, electromobility and smart technologies. In the future, it plans to manage its energy trading business via Lyngtech.

Qcells’ CEO Moon Cha stated that the portfolios of the two companies complement each other strategically in an optimal way.

"With LYNQTECH as our technical platform, we can prospectively open up further markets in European countries and worldwide. Given the increasing importance of smart energy platforms worldwide, the qualitative and quantitative growth of our company through this investment will be an important impetus for Qcells' growth as a global clean energy solutions company," he commented.

The acquisition of the controlling stake is pending clearance from antitrust authorities. The value of the purchase was not disclosed.

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