RTTNews | Jan 12, 2022 10:26AM EST

10:26 Wednesday, January 12, 2022 (RTTNews.com) - Chinese energy company Daqo New Energy Corp. (DQ), is trading 7% higher on the market after the company announced that its subsidiary, Xinjiang Daqo has received energy consumption approval for its polysilicon project.

The plants include a solar energy project of 100,000 MT and a semiconductor project of 1,000 MT. The construction on the project will begin in the first quarter of 2022 and end by the second quarter of 2023, costing around RMB8.55 billion.

Following the news, the stock is currently trading at $42.15, up $2.55 or 6.43% since the previous close at $39.60. In the morning, the stock opened at $40.92. The shares have ranged between $36.45 and $130.33 in the 52-week period.

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