Hanergy

Hanergy Holding Group Limited was a Chinese multinational sustainable energy company. At its peak, it was the world's largest thin-film solar power company. It was founded in 1994 by Li Hejun and was headquartered in Beijing.

Hanergy focused on the development, manufacture, and sale of thin-film solar technology. Its product portfolio included flexible thin-film solar cells, modules, and integrated solutions for various applications, such as building-integrated photovoltaics (BIPV), mobile energy, and distributed power generation.

The company experienced rapid growth fueled by acquisitions of foreign thin-film solar technology companies and government support. However, Hanergy's growth was marred by concerns about its business practices, including reliance on related-party transactions and allegations of stock manipulation.

In 2015, Hanergy's stock price plummeted dramatically, leading to a trading halt on the Hong Kong Stock Exchange. Trading remained suspended for several years, and the company was eventually delisted in 2019. The collapse of Hanergy significantly impacted the thin-film solar industry and raised questions about the sustainability of its business model.

Following its delisting, Hanergy underwent restructuring and rebranded itself as Enertek. While it continued to operate in the renewable energy sector, it never regained its former prominence. The Hanergy case is often cited as a cautionary tale about the risks associated with rapid expansion, opaque corporate governance, and overreliance on government subsidies in the clean energy industry. The legacy of Hanergy remains complex, encompassing both technological innovation and financial controversy.