Tongwei Plans $3.9 Billion Project to Boost Silicon Production by 2023
Feb 05,2024 | DAXTROMNSOLAR
Chinese company Tongwei Group announced plans to invest $3.9 billion in a project aimed at increasing silicon production capacity. This move is in response to the growing demand for solar panels and electric vehicles. Tongwei, one of the world's leading solar cell manufacturers, aims to raise its annual production capacity to 200,000 tons by 2023. The company currently produces 63,000 tons of polysilicon, a key raw material for solar panels.
Tongwei's decision to expand silicon production comes as the global solar energy market continues to experience significant growth. Solar panels are being increasingly adopted, not only in the residential sector but also in commercial and industrial applications. Additionally, the rise of electric vehicles further boosts the demand for silicon-based products in the form of batteries.
The company's investment will focus on building new polysilicon production facilities, aiming to significantly increase output and support the industry's expansion. Tongwei has a strong track record in silicon production and is well-positioned to meet the surging demand in the market. This expansion will not only contribute to the development of the renewable energy sector but also enhance Tongwei's competitive advantage globally.
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