PVTIME – On 8 October 2024, Hangzhou First Applied Material Co., Ltd. (603806.SH), a leading manufacturer of EVA film, announced its intention to use 300 million yuan of its raised funds to increase the capital of its wholly-owned subsidiary in Thailand,
In September 2024, First Applied Material announced its plan to reallocate its raised funds of 300 million yuan (approximately US$42.63 million) to the construction of a film factory in Thailand from the original film factory in Guangdong Province, China.
The funds raised were originally to be invested in solar PV film factories, rooftop solar projects and distributed PV projects in China. However, after careful negotiations, the funds will be invested in a film factory in Thailand, which is expected to start construction in 2024 and be completed in 2025, with a total investment of US$159 million. Once completed, the new plant will produce 250 million square metres of PV packaging film for high-efficiency solar cells per year.
The change is mainly due to the rapidly growing demand for PV film in the overseas market. First Applied Material needs to expand its production capacity to meet the global demand for PV film. Meanwhile, the development and construction of the film plant in Guangdong is slow, while the progress of the new plant in Thailand is effective, so the investment in the Thailand plant was given priority.
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