According to EnergyTrend, three listed companies in the photovoltaic and energy storage industry chain — Boway Alloy, Boamax, and Nebula — have recently announced asset disposal plans to accelerate the optimization of their asset structures.
These include:
Boway Alloy plans to sell off its 3GW photovoltaic module factory in the U.S.
Boamax has completed the transfer of under-construction HJT equipment assets, recovering over RMB 50 million in funds.
Nebula is simultaneously proceeding with the sale of equity stakes in an overseas energy storage target.
Boway Alloy Plans to Sell 3GW PV Module Factory in the U.S.
On April 13, Boway Alloy released an announcement stating its intention to sell 100% of the equity in Boviet Solar Technology (North Carolina) LLC (“Boviet (North Carolina)”).
According to the announcement, Boway Alloy held the 24th meeting of the 6th Board of Directors on April 13, 2026, which approved the “Proposal on Intended Asset Disposal and Authorization for the Chairman to Sign Relevant Documents”. The company plans to dispose of 100% equity in its wholly-owned subsidiary Boviet (North Carolina), which owns 3GW of solar module production capacity in the United States.
Established in January 2024, Boviet (North Carolina)’s core asset is an annual 3GW solar module production line, which commenced production and external sales in the second half of 2025.
The definitive transaction agreement is expected to be signed between Boviet Solar USA Co., Ltd. and Boviet USA LLC. Boway Alloy stated that this decision was made to proactively respond to changes in the international trade environment, optimize the company’s asset structure, promote sustainable and sound development, and safeguard the interests of the listed company and all shareholders.
Progress on Boamax’s Planned Sale of PV HJT Module Equipment
On January 15, the board of directors of Boamax approved a plan for its subsidiary Inner Mongolia Boamax to sell a batch of physical assets including under-construction photovoltaic heterojunction (HJT) module equipment and supporting electromechanical auxiliary facilities via public listing.
On April 13, Boamax issued an announcement disclosing the progress of the disposal, confirming that Etuoke Banner Economic Development Zone Urban Construction Development & Investment Co., Ltd. (“Etuoke Banner Urban Construction”) was the sole transferee. The transaction was conducted through online bidding, and Inner Mongolia Boamax will transfer the assets to Etuoke Banner Urban Construction for RMB 50.233387 million (tax-inclusive).
Notably, Etuoke Banner Urban Construction is funded by the Administrative Committee of Ordos Etuoke High-tech Industrial Development Zone and has an equity relationship with Boamax’s subsidiary.
On December 15, 2022, Etuoke Banner Chengyuan and Jiangsu Boamax signed the “Equity Investment Agreement for the New Energy High-end Intelligent Manufacturing Project”, agreeing to jointly establish Inner Mongolia Boamax with a registered capital of RMB 1 billion. Shareholders include Etuoke Banner Chengyuan (20% stake) and Jiangsu Boamax (80% stake).
Inner Mongolia Boamax will also transfer the production capacity indicators for its 2GW wafer slicing, 2GW high-efficiency HJT cell and module manufacturing project to Etuoke Banner Urban Construction or its designated party to facilitate the smooth progress of the project.
Boamax stated that the disposal of the target assets will help the company revitalize existing assets, optimize resource allocation, maximize overall corporate interests, and will not adversely affect the company’s normal production and operations.
Wholly-owned Subsidiary of Nebula Plans to Sell Assets
On April 10, Nebula announced that Fuzhou Xingxing Investment Development Co., Ltd. (“Xingxing Investment”), its wholly-owned subsidiary, intends to sell 1.5682% of the equity in FranklinWH Energy, Inc. to FR-0108 FUND II.
FranklinWH Energy, Inc. is mainly engaged in the R&D, production, sales of new energy energy storage equipment and related technical services. Upon completion of the transaction, Xingxing Investment will no longer hold shares in FranklinWH Energy, Inc. The expected income from this transaction will exceed 10% of the company’s audited net profit in the most recent fiscal year, with the final figure subject to the company’s audited financial report.
It should be particularly noted that the relevant Share Transfer Agreement has not yet been formally executed, and the parties are still negotiating specific terms of the agreement.
This transaction represents a reasonable decision by Nebula based on its overall development strategy and market environment. It will help the company optimize its asset structure, recover funds, improve capital utilization efficiency, concentrate resources on its core business, and support the company’s sustainable and healthy development.
Source：EnergyTrend
