PVTIME – Arctech Solar Holding Co., Ltd. (Arctech, 688408.SH), a leading manufacturer and supplier of intelligent solar trackers, fixed-tilt structures and BIPV systems for utility-scale and commercial solar PV projects worldwide, announced on 6 September 2024 that its fundraising has been approved by China Securities Regulatory Commission.
Arctech intends to issue shares for 35 specific purposes to raise not more than 1.10129 billion yuan for the parallel drive of solar tracker production, PV industrial park project, solar tracker production base, research centre and additional working capital.
257.585 million yuan of the funds raised will be used for the photovoltaic tracking system expansion project to increase the production capacity of parallel drivers with a total investment of 304.145 million yuan. 243.08 million yuan will be invested in the PV industrial base initiated by Susong Arctech, with a planned total investment of 308.868 million yuan. 254.375 million yuan will be used for the tracker production base in Western China, with a total investment of 306.445 million yuan. 56.25 million yuan will be invested in PV research centre with total estimated investment of 77.06 million yuan. And the rest 290 million yuan will be working capital, the total planned is 500 million yuan.
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