China’s Boamax Pours Extra USD561 Million Into Raising High-Efficiency Solar Cell, Module Capacity
Tang Shihua
DATE:  Jan 19 2023
/ SOURCE:  Yicai
China’s Boamax Pours Extra USD561 Million Into Raising High-Efficiency Solar Cell, Module Capacity China’s Boamax Pours Extra USD561 Million Into Raising High-Efficiency Solar Cell, Module Capacity

(Yicai Global) Jan. 19 -- Boamax Technology Group plans to spend an additional CNY3.8 billion (USD561 million) on its new solar cell and module production base in China’s Anhui province, raising the project’s overall investment to CNY5.5 billion.

Boamax will boost the annual production capacity of high-efficiency heterojunction solar cells and modules at its plant in Huaiyuan county, Anhui to 6 gigawatts from an original plan for 2 GW, the Suzhou-based firm said in a statement yesterday. Building work will start within a month of the project land being delivered and is expected to take nine months, Boamax added.

The solar industry machine maker announced last May that it would invest CNY1.7 billion to build the Huaiyuan plant. Construction of that phase began last August, with the facility expected to be fully operational this May.

The capacity expansion will enable the company to grasp market opportunities and create synergies with its other new energy businesses to meet growing customer demand, Boamax said.

The emerging high-efficiency heterojunction technology gives latecomers such as Boamax an opportunity to catch up with market leaders in the solar cell industry. Besides the Huaiyuan project, Boamax unveiled another plan last November to spend CNY1.9 billion building a joint venture plant with an annual capacity of 2 GW in China’s northern Inner Mongolia Autonomous Region. The project will likely be completed and put into operation in April 2024.

After opening up 2.3 percent in Shenzhen today, Boamax’s shares [SHE: 002514] retreated during the day to end down 0.9 percent at CNY11.01 (USD1.62).

Editor: Futura Costaglione

Follow Yicai Global on
Keywords:   Capacity Expansion,Heterojunction Cell,Solar Cell,Solar Module,Boamax Technology