290 million US dollars! Fulaite invests in the construction of photovoltaic glass projects in Indonesia

On the 14th of November, Freightt announced that in order to respond to the "the Belt and Road" initiative, accelerate the company's pace of going to sea, further optimize the company's capacity layout, consolidate the advantages of production and manufacturing, meet the capacity demand brought by the continuous growth of overseas business, according to the company's strategic development needs, On November 13, 2023, the 46th meeting of the sixth board of directors of the company reviewed and approved the proposal on the investment and construction of two photovoltaic module cover glass projects with a daily melting capacity of 1600 tons by the wholly-owned subsidiary, Indonesia Fulite Solar Energy Co., Ltd., and agreed to invest a total of approximately 290 million US dollars in the construction of two photovoltaic module cover glass projects with a daily melting capacity of 1600 tons in Central Java Island, Indonesia, This project includes a glass production line and its supporting processing production line.

According to the data, FLYTEK Glass Group was founded in June 1998 and is currently one of the world's largest photovoltaic glass manufacturers, integrating glass research and development, manufacturing, processing, and sales.

Fulaite was listed on the Hong Kong Stock Exchange in November 2015 and on the main board of the Shanghai Stock Exchange in February 2019, becoming the first A+H listed company in Jiaxing City. Currently, the photovoltaic glass market accounts for about 30%.

With the continuous overseas deployment of photovoltaic module enterprises, in 2016, FLYTEK established FLYTEK Vietnam Co., Ltd. Data shows that in 2022, it achieved a revenue of 1.852 billion yuan and a net profit of 292 million yuan.

For this external investment, Fulaite stated in the announcement that it is not only conducive to optimizing the company's production capacity layout and enhancing the company's production capacity, but also can leverage its advantages in production in Indonesia, reduce production costs, enhance the company's risk resistance and operational stability, and achieve sustainable development. At the same time, it is an important measure for the company to respond to the national high-quality "the Belt and Road" initiative, implement the global development strategy, and further improve the overseas business layout, which is in line with the company's strategic development plan.