Ikea Solar Partnership With Hanergy May Be Up in Air

(Bloomberg) — A partnership between Ikea Group and Hanergy
Thin Film Power Group Ltd
. to fit homes with sun panels may be
hanging in the balance after the solar technology maker lost
half its value in a stock selloff.

Ikea hasn’t decided whether it will continue working with
Hanergy to offer customers rooftop panels, Hakan Nordkvist, head
of sustainability innovation at Ikea, said Friday by e-mail. The
Hong Kong-based solar company saw $19 billion in market value
wiped out Wednesday before trading was halted.

The companies have rolled-out their thin-film solar panel
offer to 35 stores in the U.K., the Netherlands and Switzerland
since 2013. But “as we expand this offer to other countries, no
decision has been made about whether we will continue to partner
with Hanergy or another third party,” Nordkvist said.

While Hanergy hasn’t released any statement on the trigger
for the stock crash, Reuters on Wednesday reported that Hong
Kong’s Securities and Futures Commission has been probing market
manipulation in Hanergy’s shares for weeks. Before the decline,
the stock had surged more than sixfold in the past year. Its
market value at one point surpassed Sony Corp.

To contact the reporter on this story:
Louise Downing in London at
ldowning4@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Randall Hackley, Will Wade

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