(Yicai) March 24 -- Shares of Haitian Water Group jumped by their daily trading limit after the Chinese water supply management and environmental protection service provider said it has upgraded its battery materials partnership with Tongwei Solar, the world's top solar cell maker by shipments.

Haitian Water [SHA: 603759] closed 10 percent higher at CNY10.13 (USD1.47) a share today. The broader Shanghai stock market rose 1.8 percent.

Tongwei has agreed to give priority to purchasing silver paste and other related products supplied by Haitian Water under equal terms through the end of 2030, while the latter will provide it with higher priority in pricing, quality control, and after-sales service, Haitian Water said in a stock exchange filing late yesterday.

Haitian Water entered the photovoltaic materials sector after acquiring all assets under the PV silver paste business division of German tech giant Heraeus CNY502 million (USD73 million) last April. The paste is made of high-purity silver powder and other components and forms the metal electrodes of solar cells after processing.

In addition, the two Chengdu-based companies plan to explore the joint development of suitable paste products for various new types of high-efficiency solar cells Tongwei is developing, including heterojunction, tunnel oxide passivated contact, and perovskite cells, Haitian Water noted.

Tongwei Solar, the solar energy business subsidiary of Tongwei, is the world's largest supplier of solar-grade polysilicon and solar cells. Its annual solar cell capacity exceeds 150 gigawatts, while also leading the world by relevant shipments for nine years in a row.

Haitian Water has made an important step in expanding its new PV materials business by integrating Heraeus' silver paste business into its portfolio and forging new supply and product development ties with Tongwei Solar.

Heraeus was one of the leading suppliers of solar cell silver paste for over a decade, counting Longi Green Energy Technology and Aixu among its top clients.

Editor: Martin Kadiev