SHANGHAI, Dec. 13,
2023 /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 its subsidiary Xinjiang Daqo has signed an
investment agreement to create a silicon-based new materials
industrial park. Located in Shihezi, China, the project covers two phases. The
first phase of the project consists of 150,000MT of silicon metal production,
50,000MT of polysilicon, and 1.2
million pieces of silicon seed rod, with an anticipated investment
of approximately RMB7.5 billion. The
second phase of the project consists of 150,000MT of silicon metal production,
50,000MT of polysilicon, and 1.0
million pieces of silicon seed rod, with an anticipated investment
of approximately RMB7.5 billion. The
implementation of this project, as well as its construction and
completion time, is contingent upon market conditions, Xinjiang
Daqo's shareholder approval, as well as relevant government filings
and approvals, including energy consumption approval. Based on the
agreement, the project is expected to receive green electricity as
well as renewable energy green power certificates.
Mr. Xiang Xu, CEO of Daqo New
Energy, commented, "We are delighted to announce our latest
expansion plan that will allow us to leverage Shihezi's advantages
in rich natural resources and attractive electricity rates that are
unmatched by any other location. In particular, the silicon metal
project is strategically important to the Company's ability to
deliver sustainable growth. Integrating our upstream supply will
enhance our competitive advantages in cost and quality, as well as
minimize raw materials price fluctuations. Furthermore, with the
ability to oversee and control the upstream process, we will be
able to satisfy our supply chain due diligence and traceability
requirements, which we believe are key to our future
competitiveness. After the completion of both phases, the Company
expects to produce all silicon metal raw material that it needs. We
are confident that the upstream supply chain integration will
enable us to capture additional market opportunities and strengthen
our leadership position in the polysilicon industry."
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 manufactures and
sells high-purity polysilicon to photovoltaic product manufactures,
who further process the polysilicon into ingots, wafers, cells and
modules for solar power solutions. The Company has a total
polysilicon nameplate capacity of 205,000 metric tons and is one of
the world's lowest cost producers of high-purity polysilicon.
For more information, please visit 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," "might," "guidance" and similar
statements. Among other things, the outlook for the first half of
2023, Daqo New Energy's strategic and operational plans, contain
forward-looking 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, all of which
are difficult or impossible to predict accurately and many of which
are beyond the Company's control. 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;
and changes in the political and regulatory environment. Further
information regarding these and other risks is included in the
reports or documents that 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.