TCL Zhonghuan Announces Strategic Acquisition of DASOLAR to Accelerate the Development of a Vertical Integration Driven by N-type PV Technology

TIANJIN, China, Jan. 17, 2026 /PRNewswire/ -- TCL Zhonghuan Renewable Energy Technology Co., Ltd. ("TZE") has recently announced its intention to acquire a controlling stake in DASOLAR Co., Ltd. ("DASOLAR"). This transaction strategically enhances TZE's end-to-end capabilities along the N-type PV technology pathway, further exemplifying how leading enterprises are transforming the industrial landscape through targeted integration.

The acquisition of DASOLAR by TZE marks a calculated strategic initiative focused on the seamless integration of high-value assets, with the objective of driving operational excellence and enhancing efficiency through technology.

Notably, the core value of this integration lies not in simple scale addition but in the strong synergy of their shared technological roadmap. TZE, as the global pioneer in G12 silicon wafers, has consistently advanced innovations in N-type wafer thinning and low-oxygen crystal growth processes. Meanwhile, DASOLAR is a leader in N-type TOPCon cells and modules, having repeatedly set industry records for mass-produced cell efficiency and ranking as the world's second-largest N-type module shipper in 2024. The two companies have already established a de facto upstream-downstream partnership along the N-type technology chain. Their deeper capital-level integration is expected to accelerate the alignment of technical standards and process parameters across the entire "material–cell–module" value chain, significantly shortening the R&D cycles for high-efficiency products and embodying the industrial upgrade logic of leveraging the strengths of leading players to elevate the industry.

Industry observers anticipate that this merger will generate three key synergies at the strategic level:

1. Technological Synergy: Building an Integrated High-Efficiency N-type Product Portfolio

TZE leads globally in G12 N-type wafers, while DASOLAR excels in TOPCon cell efficiency and module reliability. Post-acquisition, the two companies are expected to co-establish a joint innovation platform to collaboratively explore next-generation N-type technologies, such as BC cells and perovskite tandem cells. Analysts note that combining TZE's deep expertise in crystal growth and wafer engineering with DASOLAR's leading-edge capabilities in cell passivation, metallization, and module encapsulation could propel the combined entity further ahead in high-efficiency PV technology, better serving premium global markets.

2. Capacity and Supply Chain Synergy: Enhancing Operational Efficiency and Resilience

The acquisition will enable TZE to achieve closed-loop matching of high-quality internal capacity, reducing reliance on external supply chains. More importantly, it provides an opportunity to systematically optimize production segments through technological upgrades, setting a benchmark for "rational expansion and precision investment" in the industry. This integration strengthens supply chain resilience and operational efficiency, laying a solid foundation for long-term growth.

3. Strategic Synergy: Advancing Positioning as a Comprehensive Green Energy Solutions Provider

Beyond addressing TZE's historical gap in downstream finished products, this integration will accelerate its transformation from a "materials supplier" to a "green energy solutions provider." Leveraging TZE's manufacturing strengths and DASOLAR's global brand and distribution channels, the combined entity can strengthen its presence in premium markets and shift customer focus from "lowest price" to "value creation," thereby fostering a fair and orderly market environment.

Notably, Li Dongsheng, Chairman of TCL and TZE, has repeatedly emphasized in public statements that sustainable growth lies in pursuing higher quality and technological excellence. This acquisition is a concrete manifestation of that philosophy. Looking ahead, as the two companies deepen integration in smart manufacturing, digital supply chains, and localized overseas production, TZE is poised to become one of the few globally integrated PV technology groups with full-stack capabilities spanning "wafers–cells–modules–system solutions," contributing greater innovation to the global carbon neutrality agenda.

Of course, the success of this integration will require time to validate. The alliance between TZE and DASOLAR represents not only a corporate strategic upgrade but potentially a pivotal turning point for the PV sector—transitioning toward a model of "coexistence and mutual success." The market will closely watch the specific actions taken by the two companies in deepening technological collaboration, optimizing capacity timelines, and executing global strategies—factors that may ultimately determine whether the combined entity can truly evolve from a "manufacturing powerhouse" into an "innovation leader" in the global energy transition.