GCL Photoelectric Materials completes USD$72 Million B+ round of financing

China's GCL Photoelectric Materials, a subsidiary of GCL TECH, announced the completion of RMB 500 million (around USD$72,000,000) B+ round of financing, which was jointly led by Temasek, Sequoia China, and IDG Capital, followed by Longwater Investment and other institutions.

It was reported that this round of financing will be used to improve the process and equipment development of the 100MW perovskite module production line of GCL Photoelectric Materials.

GCL Photoelectric Materials claims to be "far ahead in the conversion efficiency of large-area preparation of perovskite and the progress of a 100MW mass production line".

GCL Photoelectric Materials has accumulated rich industrialization experience in the stage of large-area module efficiency and pilot test line and successfully enlarged it onto a 100MW large-area module production line, leading in the two key indicators of finished module efficiency and stability.

In September 2021, GCL Photoelectric Materials reportedly built a 100MW mass production line, with a module size of 1m × 2m. At present, GCL Photoelectric Materials’ 100MW mass production line is in the stage of process development and equipment transformation, with the conversion efficiency of finished modules steadily improving. It is expected that the conversion efficiency will exceed 16% by the end of this year and 18% by the end of 2023, becoming the first 100MW production line in the world to run through mass production.

GCL shares that it sees the conversion efficiency of 18% of great significance to perovskite industrialization. At present, the actual efficiency of 1m × 2m crystalline silicon modules on the market is about 20%. Due to the different circuit structure from crystalline silicon modules, the power generation of perovskite modules with the same efficiency is 5% higher than that of crystalline silicon on average. If GCL Photoelectric Materials’ 100MW production line were able to mass produce 18%-efficiency large-size modules, with the lower manufacturing cost of perovskite modules, it would significantly strengthen the competitiveness of perovskite modules in the photovoltaic market.

In terms of stability, most advanced laboratories have been able to continuously operate perovskite modules for at least 1,000 hours without attenuation. The service life of GCL Photoelectric Materials 100MW finished products is expected to exceed 25 years. On June 7th, 2022, the 1m × 2m perovskite modules produced by the company passed the hail test, which is a strong piece of evidence for the tolerance of large-area modules in severe weather.

With this round of financing, GCL Photoelectric Materials will continue to increase its R&D efforts on the 100MW mass production line, strive to become the top perovskite module manufacturer with global competitiveness, and accelerate the green transformation of the global energy structure.

Fan Bin, founder and CEO of GCL Photoelectric Materials, stated that “GCL Photoelectric Materials has been committed to the industrialization of perovskite photovoltaic technologies for almost a decade. Thanks to everyone at GCL Photoelectric Materials and our investors, the commercialized production of perovskite modules is a dream that is about to come true. Compared with traditional technologies, perovskite photovoltaic technologies are expected to enable higher conversion efficiency, lower cost of power generation, and a significant reduction in environmental impacts during module manufacturing. Environmental-friendly, sustainable, and economical energy is the foundation for building a bright future for human society, which is worth fighting for. New shareholders introduced in this financing round are investment institutions with prestigious reputations and insightful visions in terms of capital and industry. Our earlier shareholders are also actively increasing their investments to show their continuous and strong support. Our team will work even harder to achieve our goals as soon as possible.”

GCL TECH, a major shareholder of GCL Photoelectric Materials, stated “Guided by technology, driven by innovation, and empowered by digitalization, GCL Photoelectric Materials has successfully produced the 100MW large-size perovskite module and has entered the ecology of commercialized operation. GCL Photoelectric Materials is also thrusting the conversion efficiency to 18% from 16%, which was already a major breakthrough, creating an unprecedented record in the industry. We believe that the process and equipment development of GCL Photoelectric Materials would make even more significant progress after this B+ round of financing. Boasting frontier technologies that GCL has attached great importance to, GCL Photoelectric Materials will continue to be a top perovskite company that leads the industry by implementing continuous investment and key support to technologies for large-area perovskite modules. In the context of carbon peaking and carbon neutrality, GCL TECH will provide comprehensive support in aspects including industrial synergy, scenario verification, technology application, and capital collaboration, accelerating the commercialization progress of large-size perovskite modules of GCL Photoelectric Materials and realizing the implementation and manufacturing of GW-level production lines.”

Posted: Dec 14,2022 by Roni Peleg