IRICO New Energy : VOLUNTARY ANNOUNCEMENT - IRICO SHANGRAO ULTRA-THIN AND HIGH-TRANSMISSIVITY PHOTOVOLTAIC GLASS PROJECT COMMENCING CONSTRUCTION TODAY

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IRICO GROUP NEW ENERGY COMPANY LIMITED *

VOLUNTARY ANNOUNCEMENT

IRICO SHANGRAO ULTRA-THIN AND HIGH-TRANSMISSIVITY PHOTOVOLTAIC GLASS PROJECT COMMENCING CONSTRUCTION TODAY

This announcement is made by the board (the "Board") of directors of IRICO Group New Energy Company Limited* (the "Company") on a voluntary basis.

On 1 March 2021, the IRICO Shangrao ultra-thin and high-transmissivity photovoltaic glass project (the "Project"), as one of the major projects, was officially commenced at the mobilization meeting held in Jiangxi Province for promoting the commencement of construction of major projects and for encouraging various projects at the provincial, municipal and county levels.

As one of the strategic emerging industries under the "14th Five-Year Plan" of China, the new energy industry is making robust progress and will make great achievements in the future. The Company is currently sparing no efforts to implement the corporate mission of "providing China with strategic and advanced material products and solutions", and fully implementing the strategic layout of the photovoltaic glass sector based on the principle of high-quality development. It has established several photovoltaic industrial bases in Hefei, Yan'an, Xianyang, etc., the technology and production capacity of which are at the forefront of the industry. The commencement of construction of the Project is a major initiative for the Company to seize the market opportunities and expand its global top three production capacity scale of photovoltaic glass.

The Project will construct ten photovoltaic glass furnaces and the supporting deep-processing production lines in three phases in the Economic Development Zone of Shangrao. Three production lines will be constructed in the first phase and will be commenced in the first half of 2022. The completion and operation of the Project will further strengthen the Company's industry-leading advantages, and consolidate its strength to participate in international competition, laying a strong foundation for the high-quality development of the Company. Meanwhile, it is of great significance to help enrich the photovoltaic industry chain in Shangrao and build a 100 billion photovoltaic industry group.

By order of the Board

IRICO Group New Energy Company Limited*

Si Yuncong

Chairman

Shaanxi Province, the PRC

1 March 2021

As at the date of this announcement, the Board of the Company consists of Mr. Si Yuncong and Mr. Tong Xiaofei as executive directors, Mr. Fan Laiying and Mr. Ni Huadong as non-executive directors, and Mr. Feng Bing, Mr. Wang Jialu and Mr. Wang Zhicheng as independent non-executive directors.

* For identification purposes only