China's Daqo obtains energy intake nod for brand-new polysilicon project

• Xinjiang Daqo, a fully-owned device of Daqo New Energy Corp (NYSE: DQ), has actually gotten energy intake approval for its planned polysilicon projects in China's Inner Mongolia autonomous area.

The subsidiary is preparing yourself to spend a total amount of CNY 8.55 billion (USD 1.34 bn/EUR 1.19 bn) in Baotou city to develop a solar-grade polysilicon manufacturing center with an annual capacity of 100,000 tonnes and an additional among 1,000-tonne capacity to supply the semiconductor market. This is the very first phase of a bigger effort unveiled in December.

Construction job is attended begin this quarter and also be finalised in the second quarter of 2023.

"The renewable energy transformation is giving a huge market with a quick growth rate. We are confident that our brand-new polysilicon projects in Baotou will enable us to continually increase our market share as well as improve our leadership in the polysilicon market," stated Longgen Zhang, Chief Executive Officer of Daqo New Energy.