Now that Hanergy Holding Group Ltd. owns MiaSolé, the Chinese buyer expects to resuscitate the floundering solar-panel maker.
MiaSole, based in Santa Clara, Calif., manufactures solar photovoltaic cells-a thin-film used on solar panels that is deemed more efficient than traditional silicon cells when converting sunlight into electricity. However, prices of silicon cells dipped due to intense competition from Chinese rivals. Sales of the new technology plummeted and the circumstances contributed to several other U.S. solar panel companies filing for bankruptcy protection. Among them are Abound Solar Inc., Beacon Power LLC and Solyndra LLC.