Hanergy Solar Collapse: Looks Like A Tale Of Irrational Exuberance
ByChinese thin-film solar panel maker Hanergy was a high-flying stock this year, with its price soaring six-fold to a valuation of $37 billion despite what should have been numerous warning signs, including the brand being built on the CEO’s charisma, the often-careless promotion of Cleantech for its green character, and wishful thinking about a too-expensive technology. Sounds all too familiar.
Think Solyndra or Israeli electric car company Better Place. Both were much ballyhooed by Cleantech proponents, raised lots of money (from the government in the first instance), and seemed much more focused on technical accomplishments than economics. Hanergy claims it was chosen by MIT’s Technology Review as the only Chinese company on the list of 50 smartest companies, but it doesn’t seem to have passed muster on the business end…
Hanergy Solar Collapse: Looks Like A Tale Of Irrational Exuberance
