The Chinese stock market rose for six trading days around the recent National Day holiday, TCL Zhonghuan appointed Wang Yanjun as news CEO and Runergy started production at its new 2 GW solar panel factory in Alabama amid a looming patent lawsuit from Trina Solar.
The Shanghai Composite Index rose 26% in the six trading days surrounding China’s National Day, driven by government measures to stimulate the economy and support stocks. Solar and energy storage companies led the rally, with Longi Green Energy rising 48.54%, Trina Solar 62.48%, Sungrow 54.79% and Arctech Solar 53.66%.
TCL Zhonghuan said it has appointed Wang Yanjun as its new CEO, following his appointment by Chairman Li Dongsheng. With Wang’s appointment, Li will step down from his role as interim CEO, which he has held since the resignation of former CEO Shen Haoping in August.
China National Building Materials Group (CNBM) has signed a strategic partnership agreement with Golden Peaks Capital (GPC) in Munich, Germany, to strengthen cooperation on solar energy projects across Europe. Over the past five years, CNBM’s subsidiary Kaisheng Technology has collaborated with GPC on 16 projects totaling approximately 1.4 GW, of which 800 MW was already operational. Under the terms of the new agreement, CNBM will provide engineering, procurement and construction (EPC) services for GPC’s solar projects, with plans to add more than 1 GW of solar capacity per year.
SolaX power has announced plans to acquire land in Zhejiang Province’s Tonglu Economic Development Zone for a large-scale R&D center for energy storage and smart energy systems, as well as a manufacturing facility. The total investment of the project is expected to exceed CNY 1.05 billion ($148.9 million), with construction to begin within three months of signing the land transfer contract and completion 24 months later. The facility will include a production center for large-scale energy storage systems, an air heat pump center, a production center for smart energy systems and R&D and testing facilities. This expansion marks SolaX’s transition from distributed solar energy storage to large-scale storage and smart energy systems.
Run energy said it has started production at its new solar module factory in Huntsville, Alabama, with an annual capacity of 2 GW. The company said it expects to complete the first batch of customer orders this month. According to third-party data, Runergy is one of the top five solar panel suppliers in the U.S. market. Despite this, it is now facing a patent infringement lawsuit from Trina Solar related to tunnel oxide passivated contact (TOPCon) solar cell technology. Tongwei, meanwhile, has announced plans to acquire a controlling stake of at least 51% in Runergy, while a due diligence investigation is currently underway.
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