2.83 Billion Yuan!Drinda to Acquire Jietai Tech and Launch N-Type Solar Cell R&D Project

PVTIME – On 7 February 2023, Hainan Drinda Automotive Trim Co., Ltd. (hereinafter referred to as Drinda) (002865.SZ), a China-based company engaged in the development, manufacture, and sale of plastic interior and exterior automotive parts, announced that it intends to raise up to RMB 2.83 billion yuan through the issuance of RMB common stocks (A shares) listed in the PRC to specific targets, and the funds raised will be used for the acquisition of 49% of the shares of Shangrao Jietai New Energy Technology Co., Ltd. (Jietai Technology), n-type solar cell R&D pilot project, working capital replenishment, and repayment of bank loans.

According to the announcement, 1.1519 billion yuan of the funds raised will be used to acquire 49% of the shares of Jietai Technology, 500 million yuan will be used for the research and development of a pilot project for high efficiency n-type solar cells, and the remaining 811 million yuan will be used to replenish working capital and repay bank loans.

Drinda completed the acquisition of 51% of the equity of Jietai Technology in September 2021. The original auto trim business and related assets were then sold in the first half of 2022  by Drinda, which has altered its main business to photovoltaic products and plans to focus on renewable energy, including the research and development, production, and sales of solar cells.

Jietai Technology is one of the most advanced solar photovoltaic cell manufacturers in China, with a current annual production capacity of approximately 8.2GW, ranking among the top five independent A-share listed solar cell manufacturers in terms of production capacity.