ST Haiyuan entering PV sector with 10GW of cell as well as module strategies in China

• A tiny automation as well as composites manufacturer, Fujian Haiyuan Composite Material Technology Co (ST Haiyuan) has participated in a structure contract with Jiangsu Gaoyou Economic Development Zone in Gaoyou City, Jiangsu district China to build a 10GW high-efficiency solar cell and also module setting up plant at expense of around US$ 1.6 billion.

ST Haiyuan claimed in an economic statement that the project would be built in 2 stages, with the preliminary stage financial investment of around RMB 6 billion (US$ 916 million).

The first phase of the project is expected to be finished and also put into test production prior to completion of June 2022, according to the business.

ST Haiyuan had yearly earnings of around US$ 33.26 million in 2019 and R&D expense of around US$ 4.0 million.

The company said the relocate to go into the PV Manufacturing sector was in line with the business's future strategic advancement needs.

The firm has yet to ratify the project arrangement with its Board participants and give any kind of details regarding elevating the capital needed.