Jolywood owners to sell 10% of shares to Huajun Industrial to expand N-type cell capacity

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Jolywood currently has N-type mono TOPCon cell capacity pf 2.4GW in Taizhou, China and module assembly capacity of 2.8GW in Yangzhou with plans to expand cell capacity by a further 10GW in Quzhou, China. Image: Jolywood

China-based PV module materials and N-type mono module manufacturer Jolywood (Suzhou) Sunwatt Co is planning to expand production through its key stakeholders Lin Jianwei and Zhang Yuzheng selling between 5%-10% of their shares in the company to Huajun Industrial, part of the Haujun Group. 

The strategic framework agreement will provide a maximum of RMB 2.5 billion (US$364.7 million) in new capital to Jolywood to expand primarily its solar cell production capacity, while Huajun Industrial will focus on downstream PV projects.
 
The proportion of the total number of shares being transferred to Huajun Industrial as of January 4, 2019 was said to be 7.3%.

Jolywood currently has N-type mono TOPCon cell capacity pf 2.4GW in Taizhou, China and module assembly capacity of 2.8GW in Yangzhou with plans to expand cell capacity by a further 10GW in Quzhou, China.

Recently, ‘Silicon Module Super League’ (SMSL) member GCL System Integrated Technology (GCL-SI) agreed to take full control of Huajun International Group’s PV manufacturing operations (Huajun Power Technology (Jiangsu) Co), as part of a cooperation framework agreement that would last for three years.

Jolywood had previously reported third quarter 2018 revenue of RMB 612.5 million (US$89.3 million), down from around US$110.5 million in the second quarter of 2018, after the impact of the China 531 New Deal announced at the end of May, 2018.

Jolywood had previously reported third quarter 2018 revenue of RMB 612.5 million (US$89.3 million), down from around US$110.5 million in the second quarter of 2018.

However, profits for the third quarter increased significantly to approximately US$10.7 million, compared to around US$6.4 million in the previous quarter after strides to improve receivables, notably from its PV backsheet business unit supplying other PV module manufacturers. 

Read Next

July 29, 2021
Tracker and racking provider Arctech has delivered SkySmart II tracking system to a 575MW agriculture-sharing solar project located in Nangong City, Hebei Province, China.
July 23, 2021
China could install up to 65GW of solar this year, driven largely by a surge in demand for distributed solar installations, while average solar deployment could reach 90GW per year in the years leading up to 2025.
July 22, 2021
Ahead of next week's webinar on the launch of LONGi's Hi-MO N, hosted by PV Tech, we explore the benefits of LONGi's first n-type module to be mass produced.
July 16, 2021
Finlay Colville, head of market research at PV Tech Research, explores the critical themes behind the solar industry’s transition from p-type to n-type cell production before previewing PV CellTech Online 2021.
July 15, 2021
Legislation that would ban the import of all products from China’s Xinjiang region into the US has taken a critical step forward, passing the US Senate.
July 13, 2021
Solar PV capacity in Asia Pacific could triple to 1,500GW by 2030, with China driving deployment and Indonesia set to be the region’s fastest-growing market, according to Wood Mackenzie.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK