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Tuesday, February 7, 2023

JinkoSolar (NYSE: JKS) Inks Strategic Cooperation Agreement With Tongwei

JinkoSolar (NYSE: JKS) has disclosed that it has decided to ink a “strategic collaboration deal” with Tongwei Co., Ltd. Both the firms will join forces and invest in silicon wafer venture and crystalline silicon venture. The crystalline silicon project has a total yearly volume of 45,000 metric tons and the silicon wafer project has a yearly volume of 15GW.

JinkoSolar and Tongwei both are also planning to build broader industrial chain collaboration. As per the accord, Tongwei will keep 30% holdings in the silicon wafer project and JinkoSolar will retain 35% holdings in the crystalline silicon project.

Shares of JinkoSolar (NYSE: JKS) plunged 5.69% at $57.56 at the time of writing on Friday. The firm has a total trading volume of 2.23 million as compared to the average volume of 3.66 million. JinkoSolar’s share has wavered $11.42 and $90.20 during the 52-weeks of low and high range. JinkoSolar has a total market capitalization of $2.59 billion at the writing.

In the industrial chain collaboration, the manufacturing capability and materials of the high-purity crystalline silicon strategic alliance shall be given preference in order to fulfill its manufacturing needs. Wafer products produced under the co-invested silicon wafer project will be economically viable and profitable.

Furthermore, JinkoSolar is supplying Tongwei with a total of about 6.5 GW of silicon wafer products for three years, based on the preceding contractual deal for 93,000 metric tons of polycrystalline silicon. Tongwei and JikoSolar have always been the great partner of JinkoSolar. This agreement will help both firms reinforcing their position in their respective industry.

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