logo
OCI Holdings to invest $265m in new Texas production plant

OCI Holdings to invest $265m in new Texas production plant

Korea Herald20-03-2025
OCI Holdings, a South Korean chemical and renewable energy company, announced Thursday that it will build an independent solar cell production plant at its US subsidiary, Mission Solar Energy, in Texas.
The $265 million facility is set to begin commercial production of 1 gigawatt cells in early 2026, with plans to expand to 2GW by the end of the year.
The initiative aims to strengthen the company's competitiveness in the US market, as US tariff policies against China have raised market uncertainties.
The project will establish a fully independent supply chain using OCI TerraSus polysilicon, which is produced in Malaysia with eco-friendly hydropower and complies with RE100 standards and the Uyghur Forced Labor Prevention Act. With the US facing a 90 percent solar cell supply shortage, OCI's production is expected to meet strong market demand.
The facility will also benefit from Inflation Reduction Act incentives, including a $0.04 per watt Advanced Manufacturing Production Credit and a 10 percent Investment Tax Credit for projects using US-made components.
'This marks the beginning of US-produced solar cells made with OCI TerraSus polysilicon,' said Lee Woo-hyun, chairman of OCI Holdings. 'This project will further strengthen our US solar value chain.'
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Lutnick says he could hear 'expletives' out of Korea following trade deal with Japan
Lutnick says he could hear 'expletives' out of Korea following trade deal with Japan

Korea Herald

time8 hours ago

  • Korea Herald

Lutnick says he could hear 'expletives' out of Korea following trade deal with Japan

US Commerce Secretary Howard Lutnick said Thursday that he could hear "expletives" out of South Korea after Japan reached a trade deal with US President Donald Trump's administration earlier this week. Lutnick made the remarks, apparently suggesting that the tariff deal between the United States and Japan might have created a sense of urgency for South Korea, which seeks to reach a deal to avoid or lower the Trump administration's 25 percent "reciprocal" tariff set to kick in on Aug. 1. "I could hear the expletives out of Korea when they read the Japanese deal because the Koreans and the Japanese ... they stare at each other," he said in a CNBC interview. "So you can imagine what they were thinking when they saw that Japan made that deal ... They were like, 'Oh man!," he added, underscoring that Koreans "very much" want to make a deal. On Tuesday, Trump announced the deal with Tokyo that would lower the threatened 25 percent reciprocal tariff for Japan to 15 percent in return for Japan's agreement to invest US$550 billion in the US, increase US rice imports by 75 percent and buy 100 Boeing aircraft, to name a few. During the interview, Lutnick said that he will engage in a meeting with South Korean negotiators in Washington on the day, after bilateral high-level trade talks, slated for Friday, were postponed. Korea's Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo are currently in Washington amid Seoul's stepped-up efforts to strike a deal with the US "Of course, they are going to be in my office today talking," the secretary said. Seoul and Washington had planned to hold "two-plus-two" trade talks on Friday, where Seoul's Finance Minister Koo Yun-cheol, Trade Minister Yeo, Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer were set to get together.

OSR Holdings Enters into Term Sheet to Acquire Woori IO, a Pioneer in Noninvasive Glucose Monitoring Technology
OSR Holdings Enters into Term Sheet to Acquire Woori IO, a Pioneer in Noninvasive Glucose Monitoring Technology

Korea Herald

time18 hours ago

  • Korea Herald

OSR Holdings Enters into Term Sheet to Acquire Woori IO, a Pioneer in Noninvasive Glucose Monitoring Technology

BELLEVUE, Wash. and SEOUL, South Korea, July 24, 2025 /PRNewswire/ -- OSR Holdings, Inc. (NASDAQ: OSRH), a global healthcare company advancing biomedical and wellness innovation, today announced it has signed a term sheet ("Term Sheet") with Woori IO Co., Ltd. ("WORIO"), a South Korean medical device company developing next-generation noninvasive glucose monitoring technology. The agreement sets forth certain key terms for a strategic acquisition of WORIO by OSR Holdings' Korean affiliate, OSR Holdings Co., Ltd. ("OSRK"). Under the proposed structure, WORIO will become a wholly owned subsidiary of OSRK. Shareholders of WORIO will receive newly issued shares of OSRK through the share exchange and may be eligible to convert them into OSRH common stock traded on NASDAQ, subject to certain conditions including "$10 per OSRH share" condition. Specifically, WORIO shareholders may convert their OSRK shares into OSRH shares at a fixed exchange ratio of 1 OSRK share = 12.96 OSRH shares, provided that OSRH's stock price reaches $10.00 at least once within three years following the signing of the Term Sheet. If this condition is not met, the parties have agreed to renegotiate in good faith. The agreement includes a 6-month exclusivity period, during which OSRK will conduct confirmatory legal and financial due diligence with a target to complete this transaction within this exclusivity period. WORIO's proprietary platform uses near-infrared spectroscopy (NIRS) to measure glucose without needles, sensors, or skin penetration — representing a truly noninvasive alternative to today's continuous glucose monitors (CGMs). Its solution aims to eliminate the burden of pain and daily finger pricks for millions of people with diabetes. According to recent global market research, the blood glucose monitoring devices market is expected to exceed $40 billion by 2030, growing at a CAGR of 8–10%, driven by rising diabetes prevalence and the convergence of medical technology with consumer electronics. Demand for noninvasive and wearable monitoring systems is expected to be a major growth driver. Dexcom, one of the market leaders in minimally invasive CGM which is the current standard of care has more than $32 billion in market capitalization (as of July 11), underscoring the significant commercial potential of advanced glucose monitoring solutions. Noninvasive alternatives hold tremendous promise and are poised to become an integral part of diabetes management in the future. WORIO has completed a proof-of-concept study with the Korea University Hospital (Guro) to validate the accuracy and effectiveness of its prototype devices and the data measured by them, based on which the company plans to enter a larger confirmatory trial to be registered with the Ministry of Food and Drug Safety (MFDS) of Korea for medical device approval pathway. WORIO's noninvasive technology is well positioned to be integrated into wearable glucose monitoring devices such as smart watches — WORIO has been selected by Samsung Electronics' innovative startup program ("C-Lab Outside") in Q1 2025. "We believe this initial milestone with Woori IO aligns strongly with our mission to accelerate breakthrough healthcare innovations with global impact," said Peter Hwang, CEO of OSRH. "Woori IO's breakthrough noninvasive glucose monitoring platform, coupled with its high-profile partnership with global companies, puts OSRH in a position to become a first mover in this fast-growing global market." Following the signing of this Term Sheet, both parties will proceed with due diligence and aim to execute definitive agreements within the 6 months exclusivity period. About OSR Holdings, Inc. OSR Holdings, Inc. (NASDAQ: OSRH) is a global healthcare holding company dedicated to advancing biomedical innovation approaches to health and wellness to support global health outcomes. Through its subsidiaries, OSRH is engaged in immuno-oncology, regenerative biologics, and medical device distribution. OSRH's vision is to acquire and operate a portfolio of innovative healthcare and wellness companies, improving patient care through cutting-edge research and development. For more information, visit About Woori IO Co., Ltd. Woori IO is a medical device company based in Jeonju, South Korea, focused on the development of noninvasive biosensing solutions. Its proprietary NIRS-based glucose monitoring system enables accurate, pain-free, and user-friendly diabetes management, with strong potential for wearable integration. For more information, visit

Lee seeks stronger ties in calls with German, Uzbek leaders
Lee seeks stronger ties in calls with German, Uzbek leaders

Korea Herald

time20 hours ago

  • Korea Herald

Lee seeks stronger ties in calls with German, Uzbek leaders

President Lee Jae Myung on Thursday held separate phone calls with his counterparts in Germany and Uzbekistan, his office said, to discuss strengthening bilateral cooperation. During his call with German Chancellor Friedrich Merz, Lee highlighted the strong relationship between the two nations. Merz agreed, noting that Germany and South Korea are important partners that share the core values of democracy, human rights and free trade. The two leaders also agreed on the hope of meeting at the earliest opportunity. In his conversation with Uzbek President Shavkat Mirziyoyev, Lee expressed his hope to elevate the "special strategic partnership" between South Korea and Uzbekistan. Mirziyoyev reciprocated by saying he holds a "special affection" for South Korea and wishes to see the relationship continue to grow. The two also acknowledged their countries' successful and practical cooperation in various sectors, including infrastructure and transportation. Lee requested Mirziyoyev pay special attention to the difficulties South Korean companies face while operating in Uzbekistan. (Yonhap)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store