Jolywood, a major Chinese PV product manufacturer, announced on April 17 that it, along with its subsidiary Zhongtai Jolywood, signed a cooperation agreement with Baida Seiko and its subsidiary Jiangxi Baida. The agreement establishes a long-term and stable partnership with a focus on collaborating on the research and development, manufacturing, and sales of TOPCon cells. This news was initially reported by other Chinese renewable energy news websites.
Jiangxi Baida will set upa plant with an annual production capacity of 13.5GW for PV cells. Jolywood will acquire a stake in Baida and Jiangxi Baida; and at the same time, Jolywood will also provide technical support for the cell project. With its own or self-raised funds, Jolywood will subscribe to the new shares issued by Jiangxi Baida, accounting for RMB 45.9 million of Jiangxi Baida’s newly added registered capital. By making this investment, Jolywood will have a 15% stake in Jiangxi Baida. Moreover, Jolywood and Zhongtai Jolywood will provide around RMB 50 million worth of technical services to Jiangxi Baida. In exchange, Jiangxi Baida will pay this amount to Zhongtai Jolywood.
Baida’s new plant for manufacturing TOPCon cells will be developed in two phases. The first phase is set to comprise an annual production capacity of for 4.5GW. The development of the second phase will commence after the first phase is completed and enters full-scale production. The second is set to comprise an annual production capacity of 9GW. The entire project is located in the Jiujiang Economic and Technological Development Zone that is within China’s Jiangxi Province. All parties will work together to form an independent unit for conducting related businesses. In particular, Jolywood will help Baida select the talents for its technology team and management team. Jolywood will also assist Baida in acquiring the full range of resources to build the plant. As for Baida, it will provide all the necessary funding for the project and collaborate with Jolywood in planning, design, construction, and production.