Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy" or the "Company"), a leading polysilicon manufacturer based in China, today announced that its wholly owned subsidiary, Xinjiang Daqo New Energy Ltd., has signed long-term contracts with three Chinese leading wafer manufacturers to provide them with monthly supplies of polysilicon starting from September 2013 toDecember 2014.
According to the contracts, from September 2013 to December 2014, Xinjiang Daqo New Energy will provide over 70% of its output to the three customers. The selling prices will be discussed and decided based on spot market prices at the time.
"We are delighted to secure long-term sale agreements with our downstream partners and continue to provide them high quality polysilicon in a more consistent and stable manner," commented Dr. Gongda Yao, Chief Executive Officer of Daqo New Energy. "As the solar PV industry starts to recover, we believe this type of long-term agreements will not only deliver great value to our customers but also pave solid ground for further growth of our polysilicon facilities in Xinjiang."