- Fuyao Group has announced an investment of $650 million to expand its production capacity in the US
- $350 million will be deployed for Fuyao Illinois to add 1 kiln and 2 floating glass production lines along with 4 solar back glass lines
- Remaining $300 million will be used to invest in vehicle glass production line and tempered side window production line
Chinese glass producer for automotive and solar industries Fuyao Glass has announced plans to invest $350 million in its US subsidiary Fuyao America to expand float glass and solar back panels production lines among other projects to meet growing demand for solar back glass.
The proceeds will specifically be used by Fuyao America to help Fuyao Illinois build 1 kiln and 2 floating glass production lines along with 4 solar back glass lines. Fuyao Illinois currently has 2 float glass production lines.
The investment is being considered to meet increasing demand for solar back glass, backed by government support to promote clean energy policies in the US. Push also comes from the US government clearing the largest climate investment bill in the history of the country in the form of US Inflation Reduction Act (IRA) (see Inflation Reduction Act 2022 Now A Law).
“The bill focuses on covering clean energy manufacturing, including segments such as electric vehicles, solar panels, etc., which means that companies in these related fields are especially leading companies will gain business opportunities in the future,” stated Fuyao.
It will also invest another $300 million in vehicle glass production line and tempered laminated side window production line.
In May 2021, Fuyao Glass raised HK$4,338.31 million as gross proceeds to expand its PV glass market share and other uses (see China PV News Snippets: Sungrow, GCL New Energy, Fuyao).