GCL Technology (03800): GCL Suzhou and MDCPOWER signed a cooperation agreement to develop the first polysilicon production facility in the UAE

Zhitong Finance App News, GCL (03800) announced that the group plans to establish the world's largest polysilicon industry production base in the Middle East outside of China. In this regard, the group will explore potential cooperation opportunities with Mubadala Investment Company PJSC (“Mubadala”) to establish a globally and regionally important integrated silicon ecosystem in the United Arab Emirates (“UAE”).

In May 2024, GCL Technology (Suzhou) Co., Ltd. (“GCL Suzhou”), a wholly-owned subsidiary of the Company, entered into a cooperation agreement with MDC POWER HOLDING COMPANY LLC (“MDCPOWER”), a wholly-owned subsidiary of Mubadala, to discuss cooperation between MDC POWER (as a local industrial and financial participant) and GCL Suzhou (as an industry leader in the polysilicon value chain) to develop the first polysilicon production facility in the UAE (“Joint Project”).

According to the cooperation agreement, the company will continue discussions with Mubadala on the cooperation project and sign a legally binding investment agreement on the cooperation project.

According to reports, Mubadala is a sovereign investor, managing diversified assets and investment portfolios in the UAE and abroad to create sustainable financial returns for its shareholder Abu Dhabi government. The establishment of Mubadala aims to promote diversified development of Abu Dhabi's economy through investment in traditional and non-traditional sectors around the world, have a significant positive impact on the gross domestic product, and create new employment opportunities for the new generation in the UAE.