Solar technology developer Anhui Huasun Energy has bagged 2 billion yuan ($276.3 million) in a Series C funding round led by China Green Development Investment Group (CGDG), a state-owned enterprise that makes strategic investments to accelerate the green energy transition.
The latest capital injection has brought the firm’s total capital raised in 2023 to 5 billion yuan ($690.7 million). The round has also roped in life insurer China Post Life Insurance, a subsidiary of China Post Group; and Bank of China Financial Asset Management, a wholly-owned subsidiary under the Bank of China.
Existing shareholders including Guolian Jintou Zhiyuan and China Xinxing Asset Management have also re-upped in the round, according to a company release on Wednesday.
Despite the domination of monocrystalline silicon technology in the global photovoltaic market, silicon heterojunction technology (HJT) has risen to catch the industry’s attention thanks to its high power conversion efficiency.
Founded in July 2020, Huasun Energy taps into the development and application of N-type silicon HJT solar cell and module technology. With the fresh funding, the firm, which is headquartered in eastern China’s Anhui Province, is seeking to expand its production capacity as well as related R&D.
Previously, Huasun Energy CEO Zhou Dan told local media in September 2022 that the firm would initiate its IPO plan in 2024.
As the world’s largest emitter of carbon dioxide, China has set a target to become carbon neutral before 2060. The move has prompted companies across the renewable energy and energy management sectors to jump on the cleantech bandwagon.
Shanghai-listed LONGi Green Energy Technology, the world’s largest manufacturer of monocrystalline silicon wafers, for example, has recently hit the headlines after it set a new world record for the efficiency of crystalline silicon-perovskite tandem solar cells at 33.9%, according to a company announcement on November 5.
The cell efficiency measures the portion of usable energy that can be converted from the sun through the solar cell. The previous world record of 33.7% was set by King Abdullah University of Science & Technology (KAUST), a private research university located in Saudi Arabia.
In comparison, Huasun’s Himalaya G12-132 Series solar module is equipped with a 24.16% cell efficiency, per the release.