The parent company behind Boviet Solar wants out of the solar industry and is exploring sale options of Boviet’s Vietnam and U.S. entities.
Boviet Solar North Carolina solar panel assembly facility. Credit: SPW
Ningbo Boway Alloy Material, a China-based technology company involved in the alloy, semiconductor and machinery industries, acquired Boviet Solar in 2016. Boviet originally got its start in Vietnam in 2013, and Boway Alloy has increased its standing in the global solar panel manufacturing market. Boviet operates silicon solar cell and panel manufacturing sites in Vietnam and a 3-GW solar panel assembly facility in North Carolina. A solar cell manufacturing plant is currently under construction next door to the North Carolina panel factory.
In filings to the Shanghai Stock Exchange (SSE), Boway Alloy has outlined a quick exit from the solar sector. The company largely cited the U.S. Dept. of Commerce’s tariffs on Vietnamese imports as making the Boviet Solar business model unsustainable. Boway Alloy revealed in its 2025 annual results a 90% year-over-year decline in net profits.
The interior of the North Carolina cell factory in November 2025, as shared by Boviet Solar.
Boway Alloy has terminated previously planned solar capacity expansions, which would mean that Boviet’s under-construction solar cell factory in North Carolina is under a capital freeze. The outer shell of the factory is complete, and Boviet began interior work in November 2025. The factory was expected to come online by the end of 2026. Boviet estimated it would have 900+ employees working on the North Carolina cell and panel manufacturing campus once fully operational.
Instead, Boway Alloy is redirecting investments to its special alloy materials business. February filings on the SSE confirm that Boway Alloy’s future capital allocation will be entirely focused on high-performance alloy materials rather than “new energy” and solar.
Boviet Solar has released news over the last month reaffirming its commitment to the solar market and U.S. manufacturing. Approximately 95% of Boviet’s solar panels are supplied to the U.S. utility-scale market, the company says.
“Our U.S. manufacturing activities reflect a deliberate, long-term commitment to the American solar market,” said Songul Atacan, head of global brand and marketing at Boviet Solar, in a press release. “We are investing in real capacity, real jobs and real infrastructure because we believe in the future of U.S. solar manufacturing and in supporting our customers with dependable, domestic supply.”
As of this month, Boway Alloy said it is in negotiations to sell the Boviet business, with “three to four potential buyers quoting no less than net-asset value.” The company aims to complete the transfer before the end of Q1 2026.
