SHIHEZI, China, Dec. 18, 2018 /PRNewswire/ -- Daqo New Energy
Corp. (NYSE: DQ) ("Daqo New Energy", the "Company" or "we"), a
leading manufacturer of high-purity polysilicon for the global
solar PV industry, today announced that its new Phase 3B polysilicon production facility had reached
full production capacity ahead of schedule. With the addition of
Phase 3B, the Company's total
production capacity has expanded to 30,000
MT.
With Phase 3B currently running at
full production capacity, a power purchase agreement with the
local electric utility will reduce the Company's electricity rates
by approximately 18% from previous levels. With lower electricity
rates, higher manufacturing efficiency, greater economies
of scale, and enhanced equipment and process, the Company expects
the overall total cost of polysilicon production for its Xinjiang
facilities to decrease to approximately US$7.50 per kilogram in the first quarter of
2019.
Mr. Longgen Zhang, CEO of Daqo New Energy, commented, "I'm proud
to see our new Phase 3B production
facility reach full production capacity ahead of schedule, which
demonstrates our strong executional capabilities. Our teams will
continue to optimize Phase 3B's operational efficiency, which
will enhance our competitive advantage in cost structure and
quality. At the same time, we are continuing to make
progress in our Phase 3B's debottlenecking project, which will
increase our annual capacity to 35,000
MT by the end of June, 2019. Our Phase 4A capacity expansion
project, which will increase our capacity to 70,000 MT, is progressing smoothly and will
lower our costs even further once fully ramped up by the end of the
first quarter of 2020. We remain confident in our strategy and
believe our leadership position in the polysilicon industry will
further strengthen as the market recovers."
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the quotations from management in this announcement, as well as
Daqo New Energy's strategic and operational plans, contain
forward-looking statements. The Company may also make written or
oral forward-looking statements in its reports filed or furnished
to the U.S. Securities and Exchange Commission, in its annual
reports to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about the Company's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: the demand for photovoltaic products and
the development of photovoltaic technologies; global supply and
demand for polysilicon; alternative technologies in cell
manufacturing; the Company's ability to significantly expand its
polysilicon production capacity and output; the reduction in or
elimination of government subsidies and economic incentives for
solar energy applications; and the Company's ability to lower its
production costs. Further information regarding these and other
risks is included in the reports or documents that the Company has
filed with, or furnished to, the U.S. Securities and Exchange
Commission. All information provided in this press release is as of
the date hereof, and the Company undertakes no duty to update such
information or any forward-looking statement, except as required
under applicable law.
ABOUT DAQO NEW ENERGY CORP.
Daqo New Energy Corp. (NYSE: DQ) ("Daqo" or the "Company) is a
leading manufacturer of high-purity polysilicon for the global
solar PV industry. Founded in 2008, the Company is one of the
world's lowest cost producers of high-purity polysilicon.
Daqo's highly-efficient and technically advanced manufacturing
facility in Xinjiang, China
currently has an annual polysilicon production capacity of 30,000
metric tons, and the Company is undergoing a debottlenecking
project and a capacity expansion project and expects to increase
its annual polysilicon production capacity to 70,000 metric tons in
the first quarter of 2020.
For more information, please visit http://daqo.gotoip1.com/
For further information, please contact:
Daqo New Energy Corp.
Investor Relations Department
Phone: +86-187-1658-5553
Email: dqir@daqo.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10- 5900-1548
E-mail: carnell@christensenir.com
In US
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: tfleming@Christensenir.com
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SOURCE Daqo New Energy Corp.