On June 3, Daqo Energy announced in a public filing that its subsidiary, Daqo New Energy Technology (Shanghai) Co., Ltd., has signed an investment agreement with the Management Committee of Kunshan Economic and Technological Development Zone. The agreement contemplates the establishment of a project company in the Kunshan Development Zone to build the Daqo Smart Energy Systems Manufacturing Base Project, with a total investment of Yuan 6 billion.
The project will be carried out in two phases. The first phase entails an investment of approximately Yuan 2.1 billion, while the second phase will be advanced at an opportune time. The new business will primarily involve the R&D, manufacturing, and sales of smart energy system solutions and related equipment, including energy storage systems, solid-state transformers, solid-state circuit breakers, and solid-state batteries. The initiative aims to optimize the company's business structure and cultivate new profit growth drivers.
Edited by Cassie Li, lixiangying@mysteel.com
