The Qingdao municipal government signed a strategic cooperation agreement with Triumph Science & Technology Co, a subsidiary of China National Building Material Group (CNBM) during an online video conference on April 2 to develop a thin-film solar cell project.

The project, with a total investment of 4 billion yuan ($566 million), will be carried out in Laixi, a county-level city in Qingdao. It will include the construction of production lines for thin-film solar cells, and its products will be mainly used for photovoltaic building integration, photovoltaic walls, photovoltaic roads and ground photovoltaic power stations.

Local officials said that the project will help accelerate the development of the regional new energy industry cluster and boost development.

CNBM is the largest manufacturer of building materials and a leading integrated service provider throughout the world. It has been listed in the Fortune Global 500 for nine consecutive years.

Triumph Science & Technology Co is a wholly-owned subsidiary of CNBM. In recent years, the company has been making efforts to develop new glass, new materials, new energy and new equipment.

Wang Qingxian, Party secretary of Qingdao, said that the ongoing COVID-19 outbreak has brought about changes in the global supply chain, value chain, industrial chain and market patterns, created many new opportunities in the process.

Wang said that Qingdao will make full use of its strong manufacturing foundation, integrate high-quality resources from around the world, accelerate the construction of new infrastructure, and transform enterprises with artificial intelligence and other new technologies, so as to realize cross-industry and cross-field interaction and create an ecological environment for the development of industrial internet.

Wang said that the project involves the new materials industry and will create conditions for the innovation and development of other industries.

He added that through the industrial internet platform, the two sides can connect the industrial chain and expand the market applications of new materials.

Peng Shou, president of CNBM and general manager of Triumph Science & Technology Co, said that Qingdao is in a critical period of development, with a complete industrial system and unlimited prospects for developing strategic emerging industries. The development strategies of both sides are highly compatible.

Peng said that Triumph Science & Technology Co will make every effort to promote the project, promote mutually beneficial cooperation in more areas, and continuously expand the high-end manufacturing cluster in Qingdao.