China-based Hareon Solar has announced that the firm has obtained government funding of CNY210 million (US$33 million), and has accumulated total subsidies of CNY500 million in one week. This is likely to help the firm to return to profitability as the firm reported net losses of CNY199 million for the first three quarters in 2012, according to China media reports.
Hareon Solar stated that the firm obtained CNY210 million in financial capital from the Jiangyin county government, the reports detailed.
Hareon Solar obtained CNY48 million in funding from another local government on December 18, and on December 19 the firm was selected for the Golden Sun Demonstration Project and will obtain a subsidy of CNY170 million. On December 21, the firm obtained R&D funding worth CNY80 million from the Taicang city government. This means the firm obtained a total of CNY500 million from various local governments within one week, the reports said.