SHANGHAI, March 16, 2021 /PRNewswire/ -- Daqo New Energy
Corp. (NYSE: DQ) ("Daqo New Energy", the "Company" or "we"), a
leading manufacturer of high-purity polysilicon for the global
solar PV industry, today announced that it signed a three-year
high-purity polysilicon supply agreement with Gaojing Solar Energy
Technology Co., LTD ("Gaojing"). Gaojing is a newly established
advanced solar wafer manufacturer co-founded by a team of senior
experts with extensive experience in the solar industry, IDG
Capital, a leading investment firm, and Zhuhai's leading
state-owned enterprise Huafa Group.
The execution of Gaojing's plan for a 50GW large-size solar
wafer capacity will be carried out in three phases. Construction of
the first phase, with a production capacity of 15GW, has already
begun and is expected to be complete by the end of June 2021 and fully operational by September 2021. Phase II is expected to reach
full production capacity of 15GW in 2022, and Phase III will bring
additional 20GW of the plan online by the end of 2023.
Under the supply agreement, Daqo New Energy will provide Gaojing
with high-purity mono-grade polysilicon in a total amount of
45,900 MT between June 2021 and May
2024. Actual prices will be negotiated by both parties
monthly according to market conditions. As part of the supply
agreement, Gaojing will make an advance payment to Daqo New
Energy.
Mr. Zhiqun Xu, Chairman and
General Manager of Gaojing, commented, "We are very pleased to
establish such a meaningful cooperation with Daqo New Energy, one
of the most important high-purity polysilicon providers in the
solar industry. We see market opportunities for 210mm large-size
solar wafers in the next few years. We believe our advantages in
cost and quality thanks in part to Daqo's support on the
high-quality raw material side will enable us to compete as a
leader in the solar wafers sector going forward."
Mr. Longgen Zhang, Chief Executive Officer of Daqo New Energy,
commented, "We are very pleased to enter into this long-term
contract with such an ambitious customer with a visionary strategy
in terms of capacity plans and innovation. As a leading high-purity
polysilicon provider, we will continue to support our customers
with growing capacity and superior quality and work closely with
them to better serve the rapid growth of the solar PV market."
About Gaojing Solar Energy Technology
Gaojing Solar Energy Technology is an advanced solar
wafer manufacturer co-founded by a team of senior experts with
extensive experience in the solar industry, IDG Capital, a leading
investment firm, and Zhuhai's leading state-owned enterprise Huafa
Group. Gaojing Solar plans on competing as a leader in the market
of advanced large-size wafers with a 50GW plan which will be
carried out in three phases. Construction of the first phase will
be completed by the end of June and fully operational in
September 2021 with a production
capacity of 15GW. Phase II is expected to reach full production
capacity of 15GW in 2022, and Phase III will bring the final 20GW
of the plan online by the end of 2023.
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ) ("Daqo" or the "Company") is a
leading manufacturer of high-purity polysilicon for the global
solar PV industry. Founded in 2007, the Company is one of the
world's lowest cost producers of high-purity polysilicon. Daqo's
highly-efficient and technically advanced manufacturing facility in
China currently has an annual
polysilicon nameplate capacity of 70,000 metric tons.
For more information, please visit http://www.dqsolar.com
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. The Company may
also make written or oral forward-looking statements in its reports
filed or furnished to the U.S. Securities and Exchange Commission,
in its annual reports to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about the Company's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: the demand for photovoltaic products and
the development of photovoltaic technologies; global supply and
demand for polysilicon; alternative technologies in cell
manufacturing; the Company's ability to significantly expand its
polysilicon production capacity and output; the reduction in or
elimination of government subsidies and economic incentives for
solar energy applications; the Company's ability to lower its
production costs; changes in the political and regulatory
environment; and the duration of COVID-19 outbreaks in China and many other countries and the impact
of the outbreaks and the quarantines and travel restrictions
instituted by relevant governments on economic and market
conditions, including potentially weaker global demand for solar PV
installations that could adversely affect the Company's business
and financial performance. Further information regarding these and
other risks is included in the reports or documents the Company has
filed with, or furnished to, the U.S. Securities and Exchange
Commission. All information provided in this press release is as of
the date hereof, and the Company undertakes no duty to update such
information or any forward-looking statement, except as required
under applicable law.
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SOURCE Daqo New Energy Corp.