Maxwell Wins Large Indian Order for HJT Cells Production Lines

PVTIME – On April 17, Suzhou Maxwell Technologies Co., Ltd. (300751.SZ), a high-end solar cell equipment manufacturer, released an announcement on a Letter of Commitment signed between Reliance Industries Limited, a Fortune 500 company and the largest private sector corporation in India, and Maxwell Technology PTE. LTD, a wholly-owned subsidiary of Maxwell, for HJT cell equipment.

According to the announcement, Reliance Industries Limited intends to purchase 8 sets of Maxwell’s production lines for HJT cells, with fab capacity of 600MW per set, which produce a total of 4.8GW HJT cells.

Maxwell stated that the total transaction amount exceeds 50% of its audited operating income in 2021, yet not reach 100%. The contract amount has been exempted from disclosure as it is trade secret that the disclosure may result in unfair competition or harm the company’s interests.

According to the financial report released in March, Maxwell achieved an operating income of approximately 3.095 billion yuan in the year of 2021, a year-on-year increase of 35.44%, and a net profit of 643 million yuan, a year-on-year increase of 62.97%.