"By cooperating with Hanergy, we can broaden our niche market and shift our focus to a wider range," he said.

According to Li, Hanergy is investing in a factory for Alta Devices in the United States, which is scheduled to start operations in May 2015.

Even though cells from Alta Devices have a conversion rate as high as 30.8 percent of light received into electricity, its cost is high. Li said it will take time to cut costs, but the huge potential market will make it worthwhile.

The new acquisition comes a year after Hanergy bought Arizona-based Global Solar Energy Inc, Silicon Valley startup MiaSole and Germany's Q Cells AG.

China's solar industry boom has attracted many foreign companies. DuPont Teijin Films, a joint venture between US chemical giant DuPont and Teijin, produces polyester film in China. The film is a basic material for solar panel manufacturing.

John Miller, president of DuPont Teijin Films Europe, said the company provides a cost-effective solution for many applications, which helped its Chinese partnership build its clientele in China.

The company, with sites in Europe, the US, Japan, China and Indonesia, has a global volume of approximately 250,000 metric tons with an overall turnover of $1.5 billion.

Contact the writer at dujuan@chinadaily.com.cn