PVTIME – Guangdong Xianglu Tungsten Co., Ltd. (Xianglu Tungsten, 002842.SZ), one of the largest private companies in China specialising in the R&D, production and marketing of tungsten products, announced its intention to raise funds of up to 840,887,100 yuan (US$ 117,471,927.87) for the production of ultra-fine tungsten alloy wires for photovoltaic products with an annual output of 30 billion metres and other projects.
According to the announcement, Xianglu Tungsten plans to launch a tungsten alloy wire for photovoltaic products with an estimated total investment of 515,155,600 yuan (US$71,967,237.32) to produce 30 billion metres of ultra-fine tungsten alloy wire for the PV industry. And part of the funds raised will go to the second phase of an upgrade project with a total investment of 197,548,400 yuan (US$27,597,511.48). Then, 252 million yuan (US$35,204,400.00) of the remaining funds raised will be used to supplement working capital.
Xianglu Tungsten believes that the ultra-fine tungsten wire is crucial for the manufacture of photovoltaic products and the market is promising. And it is necessary for it to expand its capacity and maintain its leading position in the market. It stated that the newly developed ultra-fine tungsten wire for photovoltaic is a new material that is mainly used in the new energy photovoltaic industry as a consumable material for cutting. At present, the tungsten wire products are in a state of shortage due to the rapid growth of the photovoltaic industry. The demand for photovoltaic cutting wire is estimated to be more than 400 billion metres, but the mass production capacity of ultra-fine tungsten wire in China is not more than 100 billion metres.
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