Chinese environmental services and photovoltaic materials company Haitian Water Group plans to invest CNY 800 million ($118 million) in a solar conductive silver paste research and manufacturing facility in Sichuan province, as it expands its operations following the acquisition of Heraeus’ photovoltaic paste business.
The Shanghai-listed company said on Oct. 30 that it had signed an investment agreement with the administrative committee of Sichuan Tianfu New Area to establish a materials research and development center and manufacturing headquarters.
The project will involve at least CNY 300 million in fixed-asset investment, financed through internal funds and external financing.
Haitian Water’s wholly owned subsidiary, Sichuan Haitian New Materials, will implement the project. The subsidiary has registered capital of CNY 400 million, while its parent company will assume joint liability for obligations under the agreement.
The project will be developed in two phases. In the first phase, Haitian Water plans to lease approximately 8,000 square meters at Fengqigu Industrial Park to establish an R&D center and pilot production lines for photovoltaic conductive silver paste.
The second phase will involve constructing a larger manufacturing facility on approximately 3.1 hectares of industrial land in Yongxing, Tianfu New Area. The site will house commercial production lines, facilities for manufacturing auxiliary paste materials, warehouses, offices, and an R&D and sales center targeting overseas markets.
The company has not disclosed the planned annual production capacity or a commissioning schedule. Acquisition of the industrial land remains subject to a public tender.
Haitian Water, traditionally focused on water supply, wastewater treatment and other environmental services, entered the photovoltaic materials market in 2025 through the acquisition of Heraeus Group’s photovoltaic silver paste business.
The transaction, completed in April 2025, included two Shanghai-based companies and Heraeus Photovoltaics Singapore Pte. Ltd. It provided Haitian Water with established conductive paste production and R&D capabilities, as well as an international customer base.
The acquired operations now form the basis of Haitian Photovoltaics, which maintains manufacturing and R&D operations in China and a technical service presence in Singapore.
The diversification has significantly reshaped Haitian Water’s revenue mix. In the first half of 2026, its new energy and advanced materials business generated CNY 2.11 billion in revenue, accounting for 73.17% of total sales.
The expansion comes as solar cell manufacturers adopt new metallization technologies. Tunnel oxide passivated contact (TOPCon) cells continue to rely heavily on high-temperature silver pastes, while heterojunction (HJT) cells require low-temperature formulations. Growing adoption of back-contact (BC) cell architectures is also driving demand for specialized conductive pastes.
Meanwhile, rising silver prices are accelerating efforts to reduce precious metal consumption. Manufacturers are developing finer-line printing techniques, silver-coated copper pastes and alternative copper metallization processes, including electroplating.
These developments are increasing the importance of paste formulation, electrical contact performance and compatibility with different solar cell manufacturing processes.
However, the project comes amid intense competition and persistent cost pressures across China’s photovoltaic supply chain. Haitian Water said land acquisition, financing, construction and production ramp-up remain subject to uncertainty, while fluctuations in silver prices and changes in metallization technologies could affect the project’s profitability.
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