OCI Holdings plans to double polysilicon production capacity by 2029

Seoul-headquartered chemicals company OCI Holdings says it is planning to expand its annual polysilicon production capacity from 35,000 metric tons to 70,000 by 2029.

The company says the planned expansion is geared towards meeting demand from the US artificial intelligence infrastructure and space industries. In April this year, it was reported that Malaysia’s OCI TerraSus, a subsidiary of OCI Holdings, was in talks with SpaceX over a multi-year polysilicon supply contract.

OCI’s latest update adds that it has established and is operating a US-bound non-prohibited foreign entity (PFE) solar supply chain that links OCI TerraSus and Vietnam wafer manufacturer NeoSilicon Technology (NST).

OCI Holdings is the majority shareholder and primary material supplier of NST, having acquired a 65% stake in the company in October 2025. NST is planning to expand its production capacity from around 2.7 GW today to 11.5 GW by 2029, with supply to the U.S. market anticipated to begin next year.

“With the expansion of AI data centers, the growth momentum of solar power in the US energy market is further strengthening,” commented OCI Holdings chairman Lee Woo-hyun. “Based on our differentiated non-PFE competitiveness, we will expand investment in the solar value chain and proactively respond to changes in the global supply chain.”

Earlier this year, OCI TerraSus secured a $125 million A Loan from the International Finance Corporation for a semiconductor-grade polysilicon production facility in Sarawak, Malaysia, billed as the first of its kind in southeast Asia.