Chinese PV Industry brief: GCL Optoelectronics raises $27.5 million for perovskite factory

GCL Optoelectronics Materials has raised nearly CNY 200 million ($27.5 million) in a C2 financing round to advance perovskite solar manufacturing and research at its new gigawatt-scale facility in China's Jiangsu province.

GCL Optoelectronics Materials has completed a C2 round of financing, raising nearly CNY 200 million. The round was co-led by China Cinda Asset Management and SAIF Partners, following the C1 round that included investors such as Goldstone Investment, Kunshan Gaoxin Group, Sequoia China, and Hanyang Capital. Lighthouse Capital continued to serve as the sole financial advisor. Proceeds from the full Series C round will support industrial-scale deployment and research into perovskite solar technology at GCL’s gigawatt-level manufacturing base in Kunshan High-Tech Zone, Jiangsu province. The site, which broke ground in December 2023, officially began production on June 24, 2025.

China Huadian Corp. said its second inverter procurement tender of 2025 will be divided into two lots totaling 1.2 GW. Lot one covers 50 kW to 150 kW string inverters, estimated at 0.6 GW. Lot two will include string inverters of 50 kW or less, also totaling 0.6 GW, it said.

Irico Group New Energy said it expects a net loss attributable to shareholders of its parent company of between CNY 290 million and CNY 320 million for the six months to June 30, 2025, compared to a profit of CNY 4.19 million a year earlier. Operating revenue is projected to decline 25.21% to 26.68% year on year, to between CNY 1.49 billion and CNY 1.52 billion. Although sales volume rose about 5.5% in the first half, falling photovoltaic glass prices impacted earnings. The company said it is cutting costs, accelerating technology innovation, and conducting R&D for mass production of high value-added products. It also plans to record an impairment on certain inventories.

Hoshine Silicon said it has signed a share transfer agreement with controlling shareholder Ningbo Hoshine Group to transfer 60 million shares, representing 5.08% of total equity, to private investor Xiao Xiugen for CNY 2.634 billion, or CNY 43.90 per share. The price reflects a 9.86% discount to Hoshine’s closing price of CNY 48.71 on the day of the deal. The company said the transaction will not affect control, trigger a mandatory tender offer, or impact governance and business operations.