Solar cell and module manufacturer SolarSpace has secured a total of 3 billion yuan ($442.5 million) in its Series B and pre-IPO rounds, according to a recent report by local news outlet PEdaily.
EBI Investment, Sinochem Capital, the private equity investment arm of Shaanxi Shantou Capital Management, as well as Yingke PE are among some of the participating investors, per the report.
The round will be used to build manufacturing facilities for N-type solar cells as well as R&D of laminated solar cells.
Founded in 2010, SolarSpace is equipped with 35 gigawatts of solar cell and module production capacity in China and abroad, the firm claims in its website. The firm has five manufacturing bases and seven smart factories across Xuzhou, Suqian, and Chuzhou in China, as well as Cambodia.
The firm plans to expand its production facility both in China and abroad in a bid to reach a solar cell and module production capacity of 56 gigawatts in 2023, per the report.
The news comes at a time when major Chinese photovoltaics companies have been riding on a tailwind due to growing demand in Europe as the region tries to shift away from natural gas amid the Russia-Ukraine conflict.
The world’s largest solar panels shipper, Jinko Solar Co Ltd; Longi Green Energy Technology Co Ltd, the largest supplier of solar panels to the US; as well as Trina Solar Ltd, one of the largest panel shippers, are among some of the firms that have benefited from the growing demand, per Reuters.
From January to November 2022, China exported a total of 144 gigawatts of solar modules, up 80% from the same period last year, according to China customs data compiled by research firm InfoLink.