Hanergy Takes a Notch up in Solar Car Market

-Plans to raise USD 25 mn to fund its Solar Power Vehicles business -The company claims its Thin Film Solar Vehicle can run without pole charging for at least a consecutive 30 days

Beijing, October 9, 2019 - Hanergy Glory Solar Technology, an EV startup announced today that it plans to raise USD 25 million for 10-20% 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 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 20km run, the Chinese K-Car retained 60%-80% of battery charge which means the car could still run a further 30km to 80km in that single day. By August 7th, the last day of the 30-day test drive, despite an 8-day straight overcast or rainy weather, the battery still retained 60% 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. By readjusting the backseat, this highly flexible five-seat vehicle can also easily carry a wheelchair.

According to statistics by Japanese Automobile Manufacturers Association (JAMA), in Japan, over 60% 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 summarized some conditions (KWH km/paved area/outdoor scene/20-30km/daily driving range) that solar energy could power the vehicle to the maximum to finally choose the EM3 model of Joylong Automobile and signed a cooperation agreement with them," said Dr. Lu Tao (email: lutao@hanergy.com), CEO of Glory Solar Technology Company.

The size of the JoyLong EM3 is 3180*1480*1670mm and the weight of the car is about 800kg. The EM3 has a large roof area, which means more power generation and more mileage. Therefore, Gloary have selected the EM3 version with an internal battery capacity of 10KWh, which when fully charged can travel 120 kilometers. It is equipped with Hanergy solar power generation system, generating 1.6 KWh per day, which is the equivalent to about 20 kilometers of driving range.
"We are on a constant lookout for models that can maximize the 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. Tao added.
According to Hanergy Glory, it has only tailored its solar system to apply the thin-film solution on EM3, while made some layering improvements on the lower part of the front end. "Next, our team will optimize the whole solar solution on the basis of the EM3 model, improve the fitment between our solar power generation system and the roof, enhance the aesthetic design, and ultimately achieve mass production," said Dr. Lu Tao.
On September 25th, Hanergy Glory just signed with Zhejiang Tianyou Company a sales contract for 140,000 express delivery cars.
Hanergy Glory Solar Technology Company, an EV startup proposed the concept of "Plug-In Never" as a way to solve common issues faced by owners of more traditional electric vehicles that heavily rely on charging piles scattered within cities. With "Plug-In Never," Hanergy Glory is making a bold statement and allowing consumers to never have to worry about overcurrent, overvoltage, overheating, and ground faults.

Further, as the automotive industry has been going through a sea of change since the advent of newer technologies that have transformed how vehicles are designed and manufactured, automobile companies are now focusing extensively on the impact of cars that run on solar, and are moving towards renewable sources of energy.

About Hanergy Glory Solar Technology (http://en.hanergyglory.com/):

Hanergy Glory Solar Technology is an EV startup and a subsidiary of the world's leading clean energy company, Hanergy Mobile Energy Holding Group. Hanergy Glory aims at providing the creative solar application solution. With the core product and proposal implementation capability, the company can integrate a variety of resources like generating, electricity reserve, charging, energy management, and architectural design etc., to provide a whole set of solar new-energy application solutions. Hanergy Glory is committed to satisfy the actual needs of the enterprise user in the creative application, the sustainable power utilization, the energy conservation and environment protection.

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