The investment will enable the site, which is situated in the Dongying Technical and Economics Development Zone of the Shandong Province, to produce 48 kt of photovoltaic-grade hydrogen peroxide annually by 2025.

"In alignment with China’s ambitious carbon neutrality targets, our collaboration positions Solvay as a key contributor. Leveraging cutting-edge technologies and building on our established presence in the high-purity hydrogen peroxide market, this strategic partnership capitalizes on the rapid expansion of China’s photovoltaic market,” said Philippe Kehren, Solvay’s CEO.

"Our joint venture with Solvay is a testament to our commitment to innovation and sustainability. This expansion is not just about increasing capacity; it's about contributing significantly to China's carbon neutrality goals and the photovoltaic industry's growth. By boosting our site's capability, we are not only meeting the demands of a rapidly evolving market but also reinforcing our position as a key player in the renewable energy sector," added Wang Yukang, chairman of Huatai Chemicals.