Benzinga | Jan 7, 2022 01:01PM EST

Daqo New Energy's Subsidiary Xinjiang Daqo Obtained Energy Consumption Approval for Its Polysilicon Project in Inner Mongolia 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 its subsidiary Xinjiang Daqo had obtained energy consumption approval for its polysilicon projects in Baotou, in China's Inner Mongolia autonomous region.

The abovementioned polysilicon projects consist of a 100,000 MT polysilicon project for the solar industry and a 1,000 MT polysilicon project for the semiconductor industry with an estimated total investment of RMB8.55 billion. Construction is expected to start in the first quarter of 2022 and to be completed in the second quarter of 2023.

Mr. Longgen Zhang, CEO of Daqo New Energy, commented, "We are very excited to obtain the energy consumption approval for our polysilicon expansion projects in Baotou, which will significantly increase our production capacity leveraging the industry's cutting-edge technologies and processes. We will also take this opportunity to expand our business to the semiconductor industry, which is an important step forward to diversify our business capitalizing on our accumulated expertise and technology advantages. The renewable energy revolution is providing a huge market with a fast growth rate. We are confident that our new polysilicon projects in Baotou will enable us to continuously increase our market share and enhance our leadership in the polysilicon industry."