Qcells Announces Expansion of Strategic Alliance with Microsoft

Historic 12 GW agreement designed to help decarbonize the grid and diversify the global clean energy supply chain

SAN FRANCISCO, Jan. 8, 2024 /PRNewswire/ — Qcells, a global leader in complete clean energy solutions announced an eight-year strategic alliance with Microsoft Corp., a global technology company that solidifies Microsoft as one of the world’s largest purchasers of renewable energy.

In its largest module and engineering, procurement and construction (EPC) services agreement to date, Qcells will supply Microsoft with 12 gigawatts (GW) of solar modules and EPC services over an 8-year period – the equivalent to powering more than 1.8 million homes annually. This includes a 2.5 GW module and EPC services commitment previously announced in January 2023.

Qcells is working on building a strong and secure U.S. solar supply chain while producing sustainably-made solar modules. Microsoft continues to invest in purchasing renewable energy and other efforts to meet its sustainability goals of being carbon negative, water positive and zero waste by 2030. With those goals, the two companies will collaborate to bring an estimated 1.5 GW of solar panels a year to projects Microsoft has contracted through 2032.

The solar modules will be supplied by Qcells’ highly anticipated fully-integrated solar supply chain factory in Cartersville, Georgia, which is a part of Qcells’ $2.5 billion investment announced last year.

“We are pleased to be a part of such a substantial commitment that will accelerate the global shift to renewable energy solutions. Qcells is uniquely positioned to ally with Microsoft towards creating a clean, sustainable future because of our investment in building an American-made solar supply chain,” said Justin Lee, CEO of Qcells. “We look forward to expanding renewable energy frontiers together today and tomorrow.”

“Our expanded agreement with Qcells is designed to drive large-scale domestic production of solar modules essential to advancing a resilient U.S. supply chain and clean energy economy,” said Bobby Hollis, Vice President, Energy, Microsoft. “Through long-term agreements like this we are signaling Microsoft’s demand and bringing more renewable energy to the grid, faster.”

Both companies seek to advance a global clean energy economy. With Microsoft’s 2025 commitment to cover 100% of its electricity consumption with renewable energy, Qcells offers a complete U.S. solar supply chain and one-stop energy solutions to support Microsoft in reaching its goals.

Most recently, REC Silicon in Moses Lake, Washington, announced that it has begun the process of producing polysilicon, the raw material in solar modules. The once dormant factory was revived thanks to a more than $200 million investment by Qcells’ parent company, Hanwha Solutions, in April of 2022. The polysilicon produced by REC Silicon will be utilized by the new Qcells factory in Cartersville, Georgia, once it is completed in late 2024.

About Qcells

Qcells is one of the world’s leading clean energy companies, recognized for its established reputation as a manufacturer of high-performance, high-quality solar cells and modules, portfolio of intelligent storage systems, and growing international pipeline of large-scale renewable energy projects. Qcells also provides renewable electricity retail services and packages to end customers the world over. The company is headquartered in Seoul, South Korea (Global Executive HQ) and Thalheim, Germany (Technology & Innovation HQ) with its diverse international manufacturing facilities in the U.S., Malaysia, China, and South Korea. Qcells strives to offer Completely Clean Energy through the full spectrum of photovoltaic products, storage solutions, renewable electricity contracting and large-scale solar power plants. Through its growing global business network spanning Europe, North America, Asia, South America, Africa and the Middle East, Qcells provides excellent services and long-term partnerships to its customers in the utility, commercial, governmental and residential markets. For more information, visit: http://www.qcells.com/.

Safe-Harbor Statement

This press release contains forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and Qcells’ operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Except as required by law, Qcells does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.