China’s Irico sees big H1 profit increase, confirms plans for 2 GW module fab

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Irico Group, a Chinese company active in solar glass manufacturing and other areas, has posted revenue of CNY 1,167.28 million (US$170.9 million), and total profit of CNY 226.28 million ($33.1 million) for the first half of 2018. These figures represent a 9.48% revenue increase, and a total profit increase of 536.75% over the first six months of 2017.

The company reports a strong revenue increase from its solar business as a driver for this performance. The segment posted revenues of CNY 89.4 million ($13.1 million) for the period. Irico states that during the period, its PV glass factory in Hefei, China, “reached the designed capacity smoothly”, while a new facility in Yan’an Province remained in trial operation after successfully completing construction.

“The growth was mainly due to new breakthroughs in the proportion of qualified products and product output, cost reduction resulting from lean production and energy saving and consumption reduction,” states the report.

Irico’s plans to move into module manufacturing have also been confirmed. It states, “During the reporting period, the Group carried out preliminary work for the construction of the high efficiency photovoltaic module project with an output of 2GW in Zhangjiagang.”

No time-scale for construction of the module fab has been given, however Irico states that it plans to produce high efficiency silicon modules, and has adopted technologies including half-cut cell, bifacial and multi-busbar.

In its PV power plant business, the group says it plans to focus on the development of distributed generation plants, and has looked into 27 projected across China in the first six months of 2018. It further stated that it has “proactively sought opportunities” to participate in China’s Top Runner program, without providing further details.

Elsewhere, Irico say it has focused on developing other materials for the renewable energy industry, including plating liquid for PV glass, and battery materials for electric vehicles.