On May 14, Bowei Alloy announced its intention to sell its battery assets in the United States. According to
the announcement, BOVIET SOLAR CELL TECHNOLOGY (NORTH CAROLINA) LLC (hereinafter referred to as "Battery Company") and BOVIET USA PROPERTY LLC (hereinafter referred to as "Real Estate Company"), wholly-owned subsidiaries of Bowei Alloy, intend to provide INOX SOLAR AMERICAS, LLC (INOX) sells battery assets.
INOX has paid $23.5 million to Bowei Alloys to collect the battery deposit.
At present, the photovoltaic cell project of Bowei Alloy in the United States is still in the stage of investment and construction. Bowei Alloy said that after the completion of the project, it will be delivered to INOX. On January 24
this year, Bowei Alloy disclosed in its 2025 annual performance forecast that the company would not be able to enjoy the same federal subsidies as the industry from January 1, 2026 due to the introduction of the Great America Act in the United States. And the company disclosed that it is actively promoting the transfer of equity.
This matter has attracted the attention of the Shanghai Stock Exchange. The Shanghai Stock Exchange issued a regulatory letter to the company.
In response, on February 5, Bowei Alloy sent a reply to the Shanghai Stock Exchange, saying that since the implementation of the above scheme, the company has been actively promoting the disposal of related assets in the United States, and that "the company is in talks with potential buyers." It is expected that the related assets will be sold as a whole at a price not lower than the book value, and strive to complete the transfer in the first quarter of this year.
Subsequently, on April 13, Bowei Alloy announced that the board of directors of the company had considered and approved the sale of related assets in the United States. The assets announced for sale are 100% equity of its wholly-owned Boviet Solar Technology (North Carolina) LLC (hereinafter referred to as "North Carolina") and 3GW photovoltaic half a month later, on April 28, Bowei Alloy disclosed that the purchaser of the above assets was Indian Enterprise INOX SOLAR AMERICAS, LLC.". The company is a clean energy business company of INOXGFL Group, a large integrated multinational group in India. The total transaction price is not more than 2.
In summary, the total transaction amount of Bowei Alloy's sale of its photovoltaic assets in the United States is expected to be about 7.
From going to the United States to withdrawing, it is only two or three years.
From 2023 to 2024, in order to compete for overseas markets, Chinese photovoltaic enterprises set off a wave of building factories in the United States, and many photovoltaic enterprises laid out photovoltaic capacity in the United States, with a rough total capacity of more than 30 GW . The total investment is over 2.7 billion US dollars .
However, after the current leader of the United States came to power, he not only suppressed the development of green energy, but also restricted multinational enterprises including China. In July 2025, with only one vote, the United States passed the proposed Great America Act, which clearly defines "prohibited foreign entities", and once enterprises are added to these categories, they will no longer be able to enjoy the corresponding tax credits. Chinese enterprises are one of its key targets.
Under this background, Chinese photovoltaic enterprises selectively withdraw, and some sell part of their shares to ensure the compliance of subsidies." For example: Longji Green Energy, JinkoSolar, Trina Solar ; Others are through the reorganization of international business, such as: , as well as enterprises such as Runyang Stock and Haiyou New Material, which have previously announced plans to go to the United States to build factories, but as of the date of publication, the author has not found the latest progress of related projects through official disclosure channels.".
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