Hangzhou First Applied Materials’ board has approved plans to increase its production capacity for PV films and backsheets.
The company will set up a wholly-owned subsidiary in the Jiaxing Economic and Technological Development Zone for this purpose, allowing it to satisfy increasing demand for the components from the PV industry.
Just over RMB1 billion (US$146.4 million) will be invested in the expansion project, with construction to finish in three years. Once completed, the annual capacity for film and backsheet production is expected to be 250 million and 110 million square metres respectively.
The company is also pushing forward with the construction of several other projects at an additional investment of RMB1.1 billion (US$161 million), namely a white EVA film technology improvement project with an annual production of 250 million square meters, phase one of a POE packaging film project with an annual production of 200 million square meters and a photosensitive dry film project with an annual production of 216 million square meters.
At the time of release of the company’s previous half yearly report, the above three projects had already seen parts of main factory buildings and ancillary facilities completed, with some production lines in operation and others being installed and adjusted.
First Applied is a global leader in the PV film and backsheet sector, with the company claiming a global market share of over 50% for its film products in particular. The company’s latest half yearly report shows revenue for the first half of 2020 to be RMB3.376 billion (US$494 million), representative of 13.35% year-on-year growth.