SEOUL -- OCI, a green energy and chemical product maker in South Korea, will ship polysilicon for solar energy to Hanwha Solutions, a chemical and energy unit of Hanwha Group, under a long-term contract worth $1.2 billion through its subsidiary in Malaysia that uses hydroelectric power to produce low-carbon products.
OCI said its Malaysian subsidiary, OCIM Sdn. Bhd. (OCIMSB) would ship polysilicon for 10 years from July 2024 to Hanwha Solutions, which controls Hanwha Q Cells, a major photovoltaic (PV) solar cell producer in South Korea. Polysilicon (Poly-Si) is a high purity polycrystalline form of silicon used as a raw material in the field of solar photovoltaics and electronics.
"With the soaring demand for renewable energy, OCIMSB's high-purity Poly-Si sales are on the rise," OCI Vice Chairman Lee Woo-hyun said in a statement on April 28. "With this MOU, we will actively explore the market to respond to the steadily growing demand for solar PV," he said, adding that the deal recognized the supply capacity and competitiveness of OCIMSB, which produces 30,000 tons of polysilicon for high-efficiency monocrystalline silicon wafers annually.
OCI said its polysilicon used for low-carbon solar modules is popular among U.S. and European companies. The company would expand the production capacity of OCIMSB to 35,000 tons by the end of June. Hanwha Solutions targeting the low-carbon footprint solar module market can secure a stable supply of low-carbon polysilicon
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