1.14 Billion Yuan! Autowell to Raise Funds for PV Equipment Production

PVTIME – On 8 August 2023, Wuxi Autowell Technology Co., Ltd. (Wuxi Autowell) (688516.SH), a well-known automation equipment manufacturer in the photovoltaic and lithium-ion battery industry, announced that it intends to issue convertible bonds of up to 1.140 billion yuan to unspecified persons. The funds will be used for PV equipment projects after deducting issue costs.

According to the announcement, 1.040 billion yuan of the funds raised will be used to build a smart factory in Wuxi City, Zhejiang Province. The aim is to significantly expand production capacity for high-end smart devices and launch new products that are recognised in the market, such as screen printing lines and PACK lines for energy storage modules.

Meanwhile, the company plans to set up an R&D centre to focus on test equipment for the back-end process of photovoltaic cells. The new R&D department is an important part for the company to maintain its leading position in the industry by completing its integrated solutions of PV equipment with high productivity, high precision, high yield, low paste and energy consumption in solar cell processing.

In addition, another R&D department focusing on optical inspection equipment for semiconductor packaging will also be invested by the funds.

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