Jolywood intends to issue no more than 326,888,207 shares (including this number) to specific objects, and the total amount of funds raised does not exceed 2.5 billion Yuan. All the funds raised, after deducting related issuance costs, will be invested in 16GW output high-efficiency monocrystalline cells smart factory project (Phase I) and supplementing working fund. They respectively intended to be invested 1.75 billion Yuan and 750 million Yuan.
Jolywood said it is helpful to follow technology change, maintain and strengthen its own leadership in N-type high-efficiency monocrystalline cells field.
Market trend towards N-type cells is obvious, and Jolywood will layout to strengthen industry leadership.
As a first domestic enterprise achieving large-scale mass production in GW-level N-type high-efficiency monocrystalline cells, Jolywood has established a leading position. The company has 3.6GW N-type TOPCon cell production capacity, and has successfully developed a TOPCon 2.0 technology. It truly achieves high reliability, no winding plating, no leakage risk, and largely simplifies production process. It improves production yield while reducing costs. The highest conversion efficiency for mass production is up to 24.5%.
Meanwhile, Jolywood owns many patents in N-type cell technologies such as N-TOPCon and N-IBC, and has become one of companies in N-type TOPCon cells and modules large-scale mass production and delivery. In recent years, Jolywood has consecutively launched a variety of module products such as Niwa Super large-size N-type TOPCon modules, Niwa Black all-black modules, etc.
Due to material limitations, some analysts say market mainstream P-type monocrystalline cell has gradually faced a conversion efficiency bottleneck. The mass production efficiency is about 22.8%, but N-type monocrystalline cell conversion efficiency has already reached up to 24%. The advantages of N-type monocrystalline cell are lower temperature coefficient, Zero LID, and better weak illumination response etc. Market share of N-type cell is expected to further increase. Because of popularization of N-type cell technology and continuous amorphous silicon costs reduction, market transition to N-type cells is increasingly obvious.
Jolywood will capitalize on the photovoltaic advantages to follow up green energy trend.
In late April, the National Development and Reform Commission and the National Energy Administration drafted and issued the “Guiding Opinions of the National Development and Reform Commission and the National Energy Administration on Accelerating the Development of New Energy Storage (Exposure Draft)” and the “Guiding Opinions on Energy Sources Business in 2021”. It pointed to accelerate forming a clean, low-carbon, safe and efficient energy system and realize goals of peak carbon dioxide emissions and carbon neutrality.
The Notice issued by National Energy Administration on May 20, 2021 stated that in 2021, the national wind power and photovoltaic power generation account for 11% of the total society electricity consumption. This number will increase year by year to ensure that non-fossil energy consumption will account for about 20% of primary energy consumption in 2025. In addition, the “Notice” also proposes to steadily promote household photovoltaic power generation construction. In 2021, the national fiscal subsidy budget for it is 500 million Yuan. KWH subsidy will be implemented according to policies issued by the State Council price department in 2021.
National policies support for the photovoltaic industry has brought a good policy environment for its development. This also can accelerate development of photovoltaic enterprises. The green clean energy industry will also face an unprecedented opportunity.
Jolywood stated that this project not only conforms to the country strategy, but also conforms to the company's long-term N-type technology development goal. In the future, the company will contribute to realization of the “14th Five-Year Plan” goals by firmly grasping national green industry policy and technology change trends. Jolywood will maintain and strengthen its leadership in N-type high-efficiency monocrystalline cells field.