Qcells Completes Two Solar and Storage Projects on Hanwha Aerospace USA Sites

HAU Becomes First Manufacturer to Benefit from Connecticut’s Energy Storage Solutions Program

CHESHIRE, Conn. - May 14, 2024 - Qcells, a global leader in complete clean energy solutions, and Hanwha Aerospace USA (HAU), a leading aviation and aerospace component manufacturer, both subsidiaries of the Hanwha Group, today announced the completion of two solar and energy storage projects in Connecticut to help HAU meet its energy demands. Under a 20-year Power Purchase Agreement (PPA) Qcells will provide HAU with nearly 20% of its energy needs. The projects are among the first to utilize Connecticut's Energy Storage Solutions program and make HAU the first manufacturer to benefit from the state storage incentives.


Launched in 2022 by Connecticut's Public Utilities Regulatory Authority (PURA), the nine-year Energy Storage Solutions program is managed by Connecticut Green Bank, the nation's first state-level green bank, along with Eversource and UI. Qcells' two projects - located in Cheshire and Newington, Connecticut - total 1.7 megawatts (MW) of solar and 1.2 megawatt-hours (MWh) of storage. Qcells ultimately is a one-stop shop for HAU, offering end-to-end service that covers customer power consumption pattern analysis, design, permitting, construction and operation, all fully financed.

During the life of the agreement, Qcells' solar and storage systems could reap more than $2 million in utility bill savings. Beyond cost savings, in the long-term, Qcells' projects are anticipated to avoid the release of more than 32,000 metric tons of CO2 equivalent, which is equal to taking more than 7,000 gas-powered passenger vehicles off the road for a year, according to the U.S. Environmental Protection Agency (EPA) calculator. Qcells' combined solar and battery storage also effectively supplies backup power for critical loads during outages.

The state's storage program is a key to bringing more reliable, affordable storage solutions to Connecticut. The program is aimed at helping all types of energy customers install clean storage solutions to increase reliability and lower energy costs. Qcells' system will contribute to the grid during critical periods and in return is eligible for performance incentives. With its Geli EMS software, Qcells optimizes battery charging and discharging to comply with program requirements and maximize both the operational and financial performance of the projects.

Qcells' projects for HAU were also made possible by incentives under the Inflation Reduction Act, which provides a 30% tax credit for both storage and solar installations. These projects are a prime example of how state and federal policies together can accelerate the clean energy transition, lower energy costs and increase grid reliability in a changing climate.

"Qcells' solar and storage projects are an achievement for Connecticut manufacturing and for Eversource and UI ratepayers. Not only will Hanwha Aerospace USA benefit from demand charge savings on their electric bills and have backup power in case of an outage, but Connecticut ratepayers will also see the benefits that come from reduced strain on the grid," said Sergio Carrillo, Managing Director, Incentive Programs at the Green Bank. "Energy Storage Solutions customers will send power from their batteries to the grid during times of peak demand in the summer and winter, which can help make the grid cleaner, cheaper, and more reliable."

"From the aerospace engines business to the steel industry, we are seeing more and more manufacturers begin to understand the wide-ranging benefits Qcells' full suite of clean energy solutions provide," said Jin Han, Corporate Officer, Head of Distributed Energy at Qcells. "Our end-to-end energy solutions will help companies like Hanwha Aerospace USA and communities across the country alike, achieve sustainability goals while also increasing grid reliability, resiliency and cost savings. Ultimately, we are proud to help power Hanwha Aerospace's operations and to be an inaugural part of Connecticut's Energy Storage Solutions program."

"Hanwha Aerospace has made a strong commitment to Connecticut, establishing its International Engines Business Headquarters in Cheshire and pledging to further strengthen its presence here. Today's announcement is another example of how Hanwha is following through," said Dan O'Keefe, Commissioner of the Department of Economic and Community Development. "It is great to see an industry leader of Hanwha's stature demonstrating leadership in terms of clean energy adoption in our state."

"We see our 20-year agreement with Qcells as an incredible opportunity to make Hanwha Aerospace USA's operations cleaner, more resilient and more affordable," said Stephen Lindsey, Chief Technology Officer for Hanwha Aerospace USA. "We're leading the way in our industry as we adopt clean energy solutions across our operations. HAU looks forward to the long-term benefits this agreement will yield both for our business and for the surrounding community as the projects provide us clean, resilient energy and contribute to a more sustainable and reliable power grid."

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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 across the world. The company is headquartered in Seoul, South Korea (Global Executive HQ) with its diverse international manufacturing facilities in the U.S., Malaysia, and South Korea. Qcells offers 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 North America, Europe, 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: https://qcells.com/us/.

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.

About Connecticut Green Bank
Established by the Connecticut General Assembly in July 2011, the Connecticut Green Bank supports the Governor's and Legislature's energy strategy to achieve cleaner, less expensive, and more reliable sources of energy while creating jobs and supporting local economic development. In 2021, the Green Bank's model was expanded to include new areas of environmental infrastructure, related to climate adaptation and resiliency, land conservation, parks and recreation, agriculture, water, waste and recycling, and environmental markets, including carbon offsets and ecosystem services. Learn more about the Connecticut Green Bank at www.ctgreenbank.com.

About Hanwha Aerospace
Hanwha Aerospace is a global aerospace and defense company that offers a broad portfolio of products and services in land combat vehicles, including the world-renowned K9 Self-Propelled Howitzer and the Redback Infantry Fighting Vehicle, weapons systems, munitions, aircraft engine parts, and technology products and services. As South Korea's largest aerospace and defense company, Hanwha Aerospace is engaged in the research, development, and manufacture of advanced technology systems, products, and services, and is spearheading the country's space projects. More information about Hanwha Aerospace is available at www.hanwhaaerospace.com.


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