Chinese non-ferrous alloy rods manufacturer Ningbo Boway Alloy Materials has announced plans to manufacture TOPCon solar cells and modules in the US with 2 GW annual production capacity each. Having secured the board's approval, the company has also started constructing a TOPCon solar cell fab in Vietnam with 3 GW capacity.
Ningbo Boway is part of China's Boway Group that operates in the Vietnamese and US solar markets through Boviet Solar Technology (Vietnam) and Boviet (USA) LLC, respectively, according to its website. The latter announced plans to enter n-TOPCon and heterojunction technology in April 2022 (see Boviet Solar To Explore TOPCon & HJT).
The Chinese company has started constructing its 3 GW Vietnam factory for an estimated investment of RMB 1.06 billion ($146 million) in Zhiling city of Haiphong province. It is targeted to be completed within 12 months.
Boway's Vietnam TOPCon cell fab with 3 GW capacity will cater to the US market, but it won't be enough to meet the growing demand for TOPCon technology in the country. Hence, the management's decision to invest in the US.
The US plans of Boway are still at a nascent stage as the company conducts feasibility studies and site selection. Boway targets to invest RMB 2.09 billion ($289 million) for its US fab.
Boway expects strong market demand and strong profitability in the US market citing a limited supply of locally-produced solar products, especially solar cells. It believes the company's TOPCon cell capacity will find takers in the US market where currently p-type technology remains mainstream.
Boviet Solar got a clean chit from the US Department of Commerce in the solar tariff circumvention investigation into imported Chinese modules that concluded in August 2023 (see US Circumvention Investigation Comes To A Close).