SHIHEZI, China, Aug. 24, 2020 /PRNewswire/ -- Daqo New Energy
Corp. (NYSE: DQ) ("Daqo New Energy", the "Company" or "we"), a
leading manufacturer of high-purity polysilicon for the global
solar PV industry, today announced that it signed a long-term
high-purity polysilicon supply agreement with Wuxi Shangji
Automation (SSE: 603158) ("Shangji"), a leading high-end
intelligent equipment provider for manufacturing industries
including the solar PV industry. Shangji started its mono-wafer
manufacturing business in 2019 and has quickly been recognized as a
high-quality mono-wafer provider.
Under the supply agreement, Daqo New Energy will provide Shangji
with high-purity mono-grade polysilicon in a total amount of 21,600
~ 32,000 MT with 2,400 ~
3,200 MT in the period from September
to December 2020, 9,600 ~
14,400 MT in 2021 and 9,600 ~
14,400 MT in 2022. Actual prices will
be negotiated by both parties on a monthly basis according to
market conditions. As part of the supply agreement, Shangji will
make an advance payment to Daqo New Energy.
Mr. Jianliang Yang, Chairman of
Wuxi Shangji Automation, commented, "We are full of confidence in
the consistent growth of the solar PV market and the fast growing
demand for high-efficiency mono wafer products. We are very pleased
to establish a strategic relationship with Daqo New Energy, one of
the most important high-purity mono-grade polysilicon providers in
the industry. We will continue to execute our capacity expansion
plan in the mono-wafer sector, with Daqo New Energy as one of our
key raw material providers, to produce more high-efficiency mono
wafer products to address fast growing demand."
Mr. Longgen Zhang, Chief Executive Officer of Daqo New Energy,
commented, "We are very excited to strengthen our partnership with
Wuxi Shangji Automation, a very important new customer with a
visionary strategy in the mono-wafer sector. Mono-crystalline solar
products have already dominated the solar PV market thanks to their
high-efficiency and competitive overall costs. We will continue to
work closely with leading mono wafer manufacturers with our
first-class quality and fast-growing capacity to make solar PV a
cost competitive, clean, sustainable, and revolutionary energy
resource."
About Wuxi Shangji Automation
Wuxi Shangji Automation Co., Ltd. (SSE: 603185), established in
2002, is a leading high-tech intelligent equipment and technology
provider specialized in the R&D, design, integration,
manufacturing and service of the cutting process of solar PV,
sapphire and semiconductor materials. In 2019, Wuxi Shangji started
its business in R&D and manufacturing of mono wafer, which is
an intermediate product of widely used high-efficiency
mono-crystalline solar PV modules.
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ) ("Daqo" or the "Company") is a
leading manufacturer of high-purity polysilicon for the global
solar PV industry. Founded in 2008, the Company is one of the
world's lowest cost producers of high-purity polysilicon. Daqo's
highly-efficient and technically advanced manufacturing facility in
Xinjiang, China currently has an
annual polysilicon nameplate capacity of 70,000 metric tons.
For more information, please visit
http://www.dqsolar.com
Daqo New Energy Corp.
Investor Relations
Phone: +86-187-1658-5553
Email: dqir@daqo.com
Christensen
In China
Mr. Rene Vanguestaine
Phone: +86-178-1749-0483
Email:
rvanguestaine@christensenir.com
In the U.S.
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: tfleming@Christensenir.com
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the quotations from management in this announcement, as well as
Daqo New Energy's strategic and operational plans, contain
forward-looking statements. The Company may also make written or
oral forward-looking statements in its reports filed or furnished
to the U.S. Securities and Exchange Commission, in its annual
reports to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about the Company's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: the demand for photovoltaic products and
the development of photovoltaic technologies; global supply and
demand for polysilicon; alternative technologies in cell
manufacturing; the Company's ability to significantly expand its
polysilicon production capacity and output; the reduction in or
elimination of government subsidies and economic incentives for
solar energy applications; the Company's ability to lower its
production costs; and the duration of COVID-19 outbreaks in
China and many other countries and
the impact of the outbreaks and the quarantines and travel
restrictions instituted by relevant governments on economic and
market conditions, including potentially weaker global demand for
solar PV installations that could adversely affect the Company's
business and financial performance. Further information regarding
these and other risks is included in the reports or documents that
the Company has filed with, or furnished to, the U.S. Securities
and Exchange Commission. All information provided in this press
release is as of the date hereof, and the Company undertakes no
duty to update such information or any forward-looking statement,
except as required under applicable law.
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SOURCE Daqo New Energy Corp.