Qcells to acquire Geli, expanding its offerings in integrated energy storage solutions

• Qcells has signed an agreement to purchase a 100% stake in Geli, a leading energy storage solutions and software provider
• Combined capabilities provide smart energy solutions to customers
• Acquisition marks Qcells’ expansion into the U.S. solar + storage market beyond existing solutions in Europe and Australia

[Irvine, United States, August 6, 2020] Qcells, a renowned total energy solutions provider in solar cell and module, energy storage, downstream project business and energy retail, announced today that it has signed an agreement to acquire a 100% stake in San Francisco-based energy storage solutions company Growing Energy Labs, Inc. (Geli). The transaction is subject to customary closing conditions, including regulatory approvals.

Geli’s end-to-end software platform streamlines the energy storage development process, offering the industry’s leading solution for design, automation, and management of Battery Energy Storage Systems (BESS). Geli’s products, powered by artificial intelligence, determine the optimal size of the BESS, and maximize the stacked revenue potential for customer deployments. Geli is a pioneer in advancing BESS deployments coupled with solar and EV charging infrastructure and co-optimizing these unique assets with any electricity tariff or load profile. Geli’s products leverage an advanced cloud architecture and Industrial IoT technologies that support scalability and extensibility across multiple geographies, market segments, and hardware solutions.

Qcells has already launched various integrated energy solutions globally, including in Europe and Australia. Qcells’ acquisition of Geli is its first of an energy storage solutions company and marks its entrance into the U.S. C&I distributed energy market. Leveraging Geli’s proprietary artificial intelligence technology for designing, automating, and managing energy storage systems, Qcells will be able to provide integrated energy solutions through packaged hardware and software capabilities (solar+storage).

“There is increasing demand in the energy storage space for comprehensive energy solutions. We are excited to welcome the Geli team and work together to strengthen our competitiveness in the global distributed energy market. Qcells and Geli’s combined capabilities will allow us to provide smart energy solutions to our customers and together we can unfold the next chapter towards a cleaner tomorrow.” Hee Cheul (Charles) Kim, CEO of Qcells said.

“We are excited to join forces with Qcells,” Dan Loflin, CEO of Geli said. “Qcells shares our vision of the transformative power of renewables and the Internet of Energy to make the planet a cleaner, better place to live. Combining with Qcells will accelerate Geli’s product roadmap and strategy, bringing greater value to all of our customers and partners in all of our markets.”

About Qcells

Qcells is a renowned total energy solutions provider in solar cell and module, energy storage, downstream project business and energy retail. It is headquartered in Seoul, South Korea (Global Executive HQ) and Thalheim, Germany (Technology & Innovation HQ) with operations all over the world. 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.q-cells.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.

Contacts

Q CELLS America, Media
E-mail: media@us.q-cells.com