5.819 Billion Yuan! Shangji Automation to Raise Funds for High-Purity Silicon Production Project

PVTIME – Wuxi Shangji Automation Co., Ltd. (hereinafter referred to as Shangji Automation) (603185.SH) announced on 24 February 2023 that it intends to issue shares to specific targets, the total amount of funds to be raised from the issue will not exceed RMB 5.819 billion, and will be used for a high-purity crystal silicon production project and to supplement working capital after deducting the issue expenses.

According to the announcement, the project is located in the Inner Mongolia region of China, and will be initiated by Hongyuan New Materials (Baotou) Co., Ltd, a subsidiary of Shangji Automation. It aims to achieve a production capacity of 50,000 MT of high purity crystalline silicon within two years through the construction of a new workshop and the purchase of various types of equipment, and ancillary facilities.

The new investment is important for increasing the company’s production capacity and is a crucial step for it to expand its business scale and to improve its overall competitiveness. It is also in line with the company’s development strategy in the photovoltaic industry supply chain and is expected to bring huge benefits once completed, according to Shangji Automation.