Big Asian manufacturers are scooping up next-generation solar technology from the United States on the cheap.
But they face a long slog to turn these start-ups into serious competitors for the Chinese panel makers that dominate the market.
"If their expectation is that they are going to come off the blocks selling large volumes for a profit, I'm not sure that's going to be the case," says Ralph Romero, the head of the photovoltaic solar bankability practice at the engineering and construction firm Black & Veatch in Kansas.
"If the expectation is, 'I'm going to invest in the technology and be able to develop it into a next-generation product', then that's a different story."
Last month, China's Hanergy Holding Group became the latest Asian manufacturer to make a bet on a US maker of solar panels that use Cigs (copper, indium, gallium, selenide technology), when it agreed to buy the Silicon Valley start-up Miasole for US$30 million (Dh110.1m).
Other recent Cigs deals include the South Korean conglomerate SK Group's stake in HelioVolt in Texas, the Chinese-Singaporean joint venture TFG Radiant Group's interest in Colorado's Ascent Solar Technologies and Taiwan Semiconductor Manufacturing's stake in Stion in California, which also received a strategic investment from the South Korean solar equipment maker Avaco.
Many of the acquirers say they will invest further in developing the companies' technologies to increase manufacturing, with some planning to build large factories in Asia. But industry experts say that it will take years and tens of millions of dollars for the new players in Cigs to build plants, tweak manufacturing processes and get new technologies to the market at competitive prices.
The best hope for Cigs, some believe, is in speciality products that can command a premium price. Cigs materials can be integrated with glass, tiles or shingles, for instance.
"There is a differentiated intellectual property and it's going to take execution to make it work commercially," says Pavel Molchanov, an analyst at Raymond James, of the Asian buyers of Cigs companies.
"But they figure it's a very small investment."
Despite some Cigs players having raised large sums of money from private investors - Miasole, for instance, has raised about $500m since 2006 - many have yet to demonstrate they can replicate the complex process of combining all four Cigs materials on a large scale.
Stion, HelioVolt, Ascent and Miasole are producing solar panels in the United States but at very small volumes. TFG plans to set up factories using Ascent's technology in Asia and Stion plans to open a plant in Korea with Avaco.
Sources say HelioVolt will consider opening a commercial plant once certain targets are achieved.
The amount Hanergy agreed to pay for Miasole would generate a return of pennies on the dollar for investors such as Kleiner Perkins Caulfield & Byers and VantagePoint Capital Partners. Hanergy, Kleiner Perkins and VantagePoint would not comment.
Over the past decade, US venture capitalists poured hundreds of millions of dollars into Cigs. The idea was that they would be cheaper to make than traditional panels, which were made from high-priced polysilicon. But a few years later the price of polysilicon has fallen from nearly $500 per kg to less than $20 as large amounts of manufacturing were added in China, dragging down the cost of traditional panels and undermining Cigs' promise of becoming the cheapest solar technology. Cigs is also less efficient than silicon at transforming sunlight into electricity.
Cigs makers have said they could get their costs down to between 50 and 60 US cents a watt, according to Mr Molchanov. Now, however, he says the costs of some traditional panel manufacturers will be below 60 cents by the end of this year.
"What are the advantages of Cigs? The answer to that question is not obvious," says Mr Romero. "I don't see any reason to anticipate that the cost of silicon would go back to the levels where it once made sense to look at alternatives."
With little to show for their big bets on Cigs, many venture investors have shied away from industries that need expensive factories and returned to their bread-and-butter business of funding capital-efficient software or internet firms.
Venture capital investment in the Cigs industry has dropped from a peak of $953m in 2008 to $95m so far this year, according to GTM Research. US Cigs players once considered hot IPO prospects have languished in venture capital portfolios. Some, such as Solyndra, are bankrupt. Others, such as AQT Solar, are up for sale.
The research firm NanoMarkets calculates there were about 40 Cigs makers early this year, with 12 in North America, 13 in Asia and the rest in Europe. Within five years, NanoMarkets expects there to be no more than five in North America, as many as six in Europe and up to 10 in Asia, which has rapidly become the global leader in solar manufacturing. Perhaps the biggest thing Hanergy and other acquirers can offer is clout in the marketplace.
Not only will they be able to guarantee the 25-year warranty on Cigs panels, which have far less of a track record than rival solar technologies, but they can leverage their balance sheets to help to secure financing.
"If you couple Cigs with a big balance sheet, they have the potential to be very successful technologies," says Martin Lagod, a co-founder of Firelake Capital, which invested in Miasole and its rival Nanosolar.
Cases in point is the number one Cigs maker Solar Frontier, which is owned by the energy company Showa Shell Sekiyu KK and has rapidly increased production in Japan, and Dow Chemical's solar shingles, which became available in parts of Colorado, California and Texas this year and use technology from the Cigs player Global Solar Energy of Tucson, Arizona.
"You really can buy it, and it's Dow," said the NanoMarkets analyst Lawrence Gasman. "It's not like this is just a couple of guys who are trying to be the next Apple."
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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MEDIEVIL%20(1998)
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
The biog
Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.
His advice to anyone starting out in business is to have no fear as life is about taking on challenges.
“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.
"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”
Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.
He relaxes by spending time with his family at home, and enjoying his wife’s India cooking.
Roll%20of%20Honour%2C%20men%E2%80%99s%20domestic%20rugby%20season
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Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
Section 375
Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat
Director: Ajay Bahl
Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL
Rating: 3.5/5
HOW TO WATCH
Facebook: TheNationalNews
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GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
UAE currency: the story behind the money in your pockets
Where to buy art books in the UAE
There are a number of speciality art bookshops in the UAE.
In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show.
In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.
In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
Sunday:
GP3 race: 12:10pm
Formula 2 race: 1:35pm
Formula 1 race: 5:10pm
Performance: Guns N' Roses
SQUADS
UAE
Mohammed Naveed (captain), Mohamed Usman (vice-captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
Nepal
Paras Khadka (captain), Gyanendra Malla, Dipendra Singh Airee, Pradeep Airee, Binod Bhandari, Avinash Bohara, Sundeep Jora, Sompal Kami, Karan KC, Rohit Paudel, Sandeep Lamichhane, Lalit Rajbanshi, Basant Regmi, Pawan Sarraf, Bhim Sharki, Aarif Sheikh
Mercedes-AMG GT 63 S E Performance: the specs
Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor
Power: 843hp at N/A rpm
Torque: 1470Nm N/A rpm
Transmission: 9-speed auto
Fuel consumption: 8.6L/100km
On sale: October to December
Price: From Dh875,000 (estimate)
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
if you go
The flights
Direct flights from the UAE to the Nepalese capital, Kathmandu, are available with Air Arabia, (www.airarabia.com) Fly Dubai (www.flydubai.com) or Etihad (www.etihad.com) from Dh1,200 return including taxes. The trek described here started from Jomson, but there are many other start and end point variations depending on how you tailor your trek. To get to Jomson from Kathmandu you must first fly to the lake-side resort town of Pokhara with either Buddha Air (www.buddhaair.com) or Yeti Airlines (www.yetiairlines.com). Both charge around US$240 (Dh880) return. From Pokhara there are early morning flights to Jomson with Yeti Airlines or Simrik Airlines (www.simrikairlines.com) for around US$220 (Dh800) return.
The trek
Restricted area permits (US$500 per person) are required for trekking in the Upper Mustang area. The challenging Meso Kanto pass between Tilcho Lake and Jomson should not be attempted by those without a lot of mountain experience and a good support team. An excellent trekking company with good knowledge of Upper Mustang, the Annaurpuna Circuit and Tilcho Lake area and who can help organise a version of the trek described here is the Nepal-UK run Snow Cat Travel (www.snowcattravel.com). Prices vary widely depending on accommodation types and the level of assistance required.
More on Quran memorisation:
If you go:
Getting there:
Flying to Guyana requires first reaching New York with either Emirates or Etihad, then connecting with JetBlue or Caribbean Air at JFK airport. Prices start from around Dh7,000.
Getting around:
Wildlife Worldwide offers a range of Guyana itineraries, such as its small group tour, the 15-day ‘Ultimate Guyana Nature Experience’ which features Georgetown, the Iwokrama Rainforest (one of the world’s four remaining pristine tropical rainforests left in the world), the Amerindian village of Surama and the Rupununi Savannah, known for its giant anteaters and river otters; wildlifeworldwide.com
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
Company%C2%A0profile
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What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
Profile of Tarabut Gateway
Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
Bharat
Director: Ali Abbas Zafar
Starring: Salman Khan, Katrina Kaif, Sunil Grover
Rating: 2.5 out of 5 stars
Match info
Manchester United 1 (Van de Beek 80') Crystal Palace 3 (Townsend 7', Zaha pen 74' & 85')
Man of the match Wilfried Zaha (Crystal Palace)
