Shares of Daqo New Energy Corp. (DQ), monocrystalline silicon and polysilicon manufacturer, are rising more than 9% after the company said its Xinjiang Daqo and Inner Mongolia Daqo had signed a five-year high-purity polysilicon supply agreement with a leading solar manufacturing company in China.
As per the deal, Xinjiang Daqo and Inner Mongolia Daqo will provide this leading manufacturing company with a total amount of 137,000 MT high-purity mono-grade polysilicon from November 2022 to December 2027.
“It’s the fourth long-term contract we signed with our customers in the fourth quarter of 2022 and it demonstrates our leadership in the polysilicon industry as a reliable and preferred supplier for many top-tier Chinese solar manufacturers,” commented Longgen Zhang, chief executive officer of Daqo New Energy.
DQ, currently at $50.31, has traded in the range of $32.20-$77.18 in the last 1 year.
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