PVTIME – Ningbo Boway Alloy Material Co.,Ltd. (Boway, 601137.SH), a subsidiary of Boway Group, which is mainly engaged in the development and production of new energy equipment, new materials, precision EDM wires, precision machine parts and high-end sanitary hardware, announced on 23 April 2024 that it intends to expand its production capacity of TOPCon cells in the United States.
In November 2023, Boway announced its plan to build TOPCon cell production bases with capacities of 3GW in Vietnam and 2GW in the United States, respectively, with a total investment of 1.9 billion yuan, which will increase to 3.15 billion yuan with the newly added 2GW expansion.
In addition, Boway achieved revenue of nearly 18 billion yuan, up 30% year on year, according to its financial results released on 22 April. Net profit attributable to the parent company exceeded 1.1 billion yuan, doubling year on year. The overseas market is crucial for Boway, with overseas revenue accounting for 55.79% of its main business revenue. And it expects to further explore the global solar market, including North America and Europe.
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