Mubang Hi-Tech and the government of Wuzhou, a prefecture-level city in China’s Guangxi Zhuang Autonomous Region, entered into an investment agreement on July 20. Under the agreement, Mubang Hi-Tech will invest RMB 5.2 billion to build a local manufacturing base for the production of TOPCon cells. The production capacity of the base is set at 10GW per year. Of RMB 5.2 billion investment, RMB 2.775 billion will be used to acquire manufacturing equipment. The base will span an area of around 200,000 square meters (encompassing the main plant building and other supporting facility buildings). This news was first reported by other Chinese news outlets.
Based in China’s Jiangxi Province, Mubang Hi-Tech is a supplier for mono-Si ingots and wafers. The 10GW TOPCon cell production base represents the company’s first step into the PV cell market. However, it should be noted that the company is reportedly to have never been involved in the development of TOPCon cells, and there have been no reports of it acquiring the related expertise. Mubang Hi-Tech said that this greenfield project fits into its wider development strategy and will benefit its long-term growth. The investment agreement will not noticeably affect the company’s financial performance for 2022.