GCL Optoelectronic Material, a subsidiary of Hong Kong-listed GCL Technology Holdings, one of China’s largest photovoltaic (PV) materials makers, has secured 500 million yuan ($72 million) in a Series B extension round led by Temasek Holdings, Sequoia Capital China, and IDG Capital.
Longwater Investment joined the round, while GCL Technology Holdings also re-upped, according to an announcement made by Lighthouse Capital, which served as the financial advisory for the deal.
The Kunshan-based firm will use the proceeds to upgrade the “craftsmanship” and equipment of its 100 megawatts large–area perovskite solar module assembly lines, per the release.
Founded in December 2019, the firm focuses on the R&D as well as production of perovskite solar energy modules. Perovskite is a naturally occurring mineral that shows potential of becoming a key material of solar panels.
Previously, GCL Optoelectronic Material snapped “several hundreds of millions” yuan in a Series B round in May, without divulging the investors names.
The global perovskite solar cell market size is estimated to reach $7.2 billion by 2030, with a CAGR of 31.8% from 2022 to 2030, according to a report by market research firm Precedence Research.