Hanwha Solutions said on May 21 it recently sold about 200 billion won ($130 million) of the Advanced Manufacturing Production Credit (AMPC) it received last year to a third party. It plans to continue accelerating early cash conversion of AMPC to speed up improvements in its financial structure. The AMPC provides tax credits for solar products made in the United States, and the credits can be transferred to third parties.

South Korea\'s three major battery makers posted weak first-quarter results. LG Energy Solution and Samsung SDI swung to operating losses, and SK On is also expected to remain in the red. Brokerages see the first quarter as a cyclical trough and expect a shift to profitability from the second quarter as energy storage system sales ramp up and electric-vehicle demand recovers. Key variables include the pace of ESS revenue recognition and normalization of North American production.