The agreement for the HGTECH optoelectronic information industrial research and innovation park project was signed on Sept 8, with a total investment of 5 billion yuan ($696.5 million).

The project is said to be one of 10 major projects to be set up along the axis of the Wuhan New City, and will be established in the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC).

The new park will include the head offices of HGTECH and HG Genuine Optics Tech – a key subsidiary of HGTECH, serving as its central research institute and pilot-scale R&D base. It will focus on the research and development of products such as silicon photovoltaic modules, next-generation photovoltaic modules, in-vehicle super gateways, and mobile energy storage.

HGTECH, dedicated to the innovative development of laser technologies, electronic information, and sensors, is based in OVC and boasts about 7,300 employees, including nearly 2,000 researchers.