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News Summary: Chinese buyer says MiaSole will grow

The Associated Press

FRESH IDEAS: The Chinese company that bought MiaSole, a California solar company, says it can make its emerging technology successful where others have suffered huge losses. Hanergy bought MiaSole late last year. The sale formally closed Wednesday.

DEEP POCKETS: Hanergy Group's strong finances will help MiaSole invest in research and ride out a downturn in the global solar market. Its links to customers in China and abroad will help build sales, chairman Li Hejun said. Hanergy says it is China's biggest privately owned renewable energy company, with interests in hydro, wind and solar power.

U.S. EDGED OUT: MiaSole was one of several well-funded U.S. startups that invested in thin film technology, which is more efficient than traditional silicon cells. But they struggled after a plunge in prices of silicon cells due to a glut of supply from China that hurt sales of the new technology. Producers including Solyndra, Beacon Power and Abound Solar, filed for bankruptcy.