Jolywood made an announcement on April 17 to declare the cooperation with manufacturer Baida Seiko Co., Ltd (Baida Seiko) on the annual 13.5 GW cell project. The two sides plan to engage in long-term and stable cooperation in the research and development, production, and sales of TOPCon cells.
The cooperation also involves two subsidiaries of the two parties, Jolywood (Taizhou) Solar Technology Co., Ltd and Jiangxi Baida Precision Manufacturing Co., Ltd (Baida Precision).
According to the agreement, Baida Seiko intends to invest and construct a 13.5 GW of solar cell project with Baida Precision as the main implementation entity. Jolywood intends to use its own or self-raised funds of CNY 45.9 million yuan to subscribe the newly increased registered capital of CNY 45.9 million yuan of Baida Precision.
After the completion, Jolywood will hold 15% of equity in Baida Precision. Meanwhile, Jolywood and Jolywood (Taizhou) will provide comprehensive technical support for the cell project, with a service fee of CNY 50 million yuan.
The project, located in the Jiujiang Economic and Technological Development Zone in Jiujiang City, Jiangxi Province, constitutes the first 4.5 GW and second 9 GW. The companies will form an independent business team, including assisting technical personnel, business staff to guarantee the smooth progressing of the project.