Heterojunction (HJT) solar cell production equipment supplier Maxwell Technology is planning to raise RMB2.3 billion (US$356 million) for a new HJT equipment production base in Suzhou City, Jiangsu province. The Suzhou-based company hopes to raise a total RMB2.8 billion (US$433 million) with a private stock placement and said it will retain the balance, after the fab costs, for operating capital. Maxwell said the new fab will feature 40 PECVD (plasma-enhanced chemical vapor deposition) and PVD (physical vapor deposition) equipment production lines and generate sales revenue of RMB6 billion (US$928 million) annually. The equipment supplier said the production base will take three years to build.
Inverter maker Ginlong was able to increase its profits by 101% year-on-year in the first half of the year. The company's net result for the period was RMB238 million ($37 million) and its revenue reached RMB1.45 billion ($225 million), which represented an increase of 99.8% compared to the same period a year earlier. Ginlong said 338,000 inverters were sold in the first six months of 2021 and that its annual capacity will reach 770,000 inverters by end of 2021. Ginlong also expressed concern about the shortage of chips which limited its capability to fulfill growing market demands. The company added the chip shortage may continue in the second half of the year.
Battery raw materials company Ganfeng Lithium is preparing to move downstream with a RMB971 million (US$150 million) capital injection for its Ganfeng LiEnergy Technology Co Ltd subsidiary. The unit will include solar storage system R&D among its expanded remit, provided shareholders approve the move at an EGM at the end of the month. Ganfeng has lined up 20 public and private investors for the capital increase, led by smartphone business Xiaomi, which will contribute RMB375 million (US$58 million). And the LiEnergy unit secured a further RMB37.5 million in capital on Friday, with Ge Qiaoyu and Jiang Rongjin subscribing to that volume of stock in return for Ganfeng Lithium buying their Guangdong Huichuang lith-ion battery manufacturing business for RMB52.4 million (US$8.1 million).
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