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Daqo New Energy Announces A Long-Term High-Purity Polysilicon Supply Agreement with Wuxi Shangji Automation

Daqo New Energy Announces A Long-Term High-Purity Polysilicon Supply Agreement with Wuxi Shangji Automation

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SHIHEZI, China: 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.

Anand Gupta Editor - EQ Int'l Media Network