On September 27, Gelonhui announced that, given that the West Xianleye's annual production of 29GW high-efficiency monocrystalline battery project has all been successfully solidified and reached the predetermined usable state, in order to maximize the efficiency of the use of raised funds, further enhance the company's core competitiveness, support the development of the company's main business, after deducting the remaining expenses such as the unpaid project construction final payment, the company plans to use the surplus raised funds for the West Xianleye's annual production of 29GW high-efficiency single crystal battery project to permanently supplement working capital in the amount of 496.5471 million yuan (as of August 31, 2024, including cumulative net interest income, the specific amount is subject to the balance of the raised funds account on the day of transfer).
The main reasons for the surplus of funds raised for the West Xianleye's annual production of 29GW high-efficiency monocrystalline battery project are: (1) Due to industry technological advancements, the prices of equipment purchases such as processes and automation have significantly decreased compared to when the project was approved, greatly reducing the investment in equipment; (2) During the project implementation, the company optimized the process routes of certain manufacturing processes based on industry technological changes, resulting in savings in equipment investment.