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 ...