Daqo New Energy Corp. (NYSE: DQ) disclosed that its business unit Xinjiang Daqo had secured energy consumption authorization for its polysilicon projects in Baotou, in China's Inner Mongolia autonomous region. Daqo New Energy Corp. has earned recognition as a prominent producer of high-purity polysilicon for the global solar PV industry.

The polysilicon projects of the company comprised a 100,000 MT polysilicon project for the solar industry and a 1,000 MT polysilicon project for the semiconductor industry with an expected total investment of RMB8.55 billion. It has been disclosed that the construction is likely to commence in Q1 of 2022 and to be executed in the Q2 of 2023.

Furthermore, the company is delighted to receive energy consumption authorization for its polysilicon development projects in Baotou. Daqo New Energy Corp believed that this will greatly enhance its manufacturing capacity while harnessing the industry's cutting-edge technology and processes.

In addition, the company disclosed that it is also planning to use this chance to strengthen its business by growing into the semiconductor industry, which is a critical step forward in leveraging on its acquired expertise and technological advantages.

Moreover, the company believed that The renewable energy revolution is presenting an attractive market with a fast growth rate. The company has full confidence that its new polysilicon projects in Baotou will allow it to continuously grow its market share and improve its leadership in the polysilicon industry.