PVTIME – At Jolywood’s fifth extraordinary shareholders meeting held at the end of last month, several significant agenda items including the review and approval of the issuance of A-shares for specific objectives, the signature by wholly-owned subsidiaries of a loan agreement guaranteed by Jolywood, and the signing off of an investment agreement for a 16GW annual output high-efficiency monocrystalline cell smart factory project were passed.
Jolywood intends to issue no more than 326,888,207 shares for the aforementioned objectives. Total funds raised will not exceed 2.5 billion yuan, in respective amounts of 1.75 billion and 750 million. All funds raised, after deduction of related issuance costs, will be invested in Phase 1 of the 16GW smart factory project and the supplementary working fund.
The current market trend towards N-type cells is clear, and as the first domestic manufacturer to achieve large-scale mass production of GW-level N-type high-efficiency monocrystalline cells, Jolywood intends to strengthen its leadership in this industry sector with the approval of this project.
Due to material limitations, some analysts say mainstream P-type monocrystalline cells have gradually encountered a conversion efficiency bottleneck. Mass production efficiency is about 22.8%, but N-type monocrystalline cell conversion efficiency has already reached 24%. The main advantages of N-type monocrystalline cells are a lower temperature coefficient, Zero LID and better weak illumination response and the market share of N-type cells is expected to increase, due in part to the continued reduction in cost of amorphous silicon.
Jolywood currently has a production capacity of 3.6GW for N-type TOPCon cells and has successfully developed a TOPCon 2.0 technology. The company achieves high reliability, without winding plating and leakage risk, and largely simplifies the production process, improving yield while reducing costs. The highest conversion efficiency for mass production is now up to 24.5%.
Jolywood possesses many patents in N-type cell technologies such as N-TOPCon and N-IBC and, in addition to its capability in large-scale mass production and delivery of N-type TOPCon cells and modules, has consecutively launched a variety of module products such as Niwa Super large-size N-type TOPCon and Niwa Black modules.
