Letong announced on September 8 that the company signed the Framework Agreement on Industrial Investment Cooperation with the Management Committee of Zhejiang Anji Economic Development Zone on July 14, 2023. It is planned to build an automatic intelligent production line manufacturing project with an annual output of 4.8G W high-efficiency heterojunction batteries + 4.8G W battery modules in Anji Economic Development Zone. The company will jointly invest with other partners to establish a holding subsidiary (hereinafter referred to as the "project company"). The registered capital of the project company is 250 million yuan. According to the preliminary arrangement, the capital contribution of Letong shares is not less than 40% of the registered capital and not less than 100 million yuan, and that of Dasheng assets is not more than 5% and not more than 12.5 million yuan.
However, in order to better promote the implementation of the project, the equity of the project company was adjusted. It was originally planned that the company would invest and hold no less than 40% of the equity of the project company, but the company would invest and hold 5% of the equity of the project company, and the project company would be controlled and consolidated by Dasheng Assets instead of by the company. In the future, the Company has the right to transfer all the equity interests of the project company held by Dasheng Assets, except for 5%, at the consideration of fair price plus reasonable interest within 3 months after the completion and acceptance of the first phase of the investment project, putting into operation and generating stable sales revenue, so as to obtain the control of the project company and incorporate the project company into the scope of consolidated statements. The
annual output of 4.8G W high-efficiency heterojunction battery + 4.8G W battery module automatic intelligent production line manufacturing project has a total investment of 5 billion yuan, of which the fixed assets investment is not less than 3 billion yuan (including Party A's project agent construction fund), and the average fixed assets investment intensity per mu is more than 9 million yuan. According to the announcement, the production line of the project will be implemented in two phases. The first phase of the project is planned to build 2 production lines for 1.2G W high-efficiency heterojunction batteries + 3 production lines for 2.4G W battery modules. The second phase of the project is planned to build 6 production lines for 3.6G W high-efficiency heterojunction batteries + 3 production lines for 2.4GW battery modules. The industry category is photovoltaic equipment and components manufacturing industry.
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