The company, whose ambition is to become a topnotch player globally in the photovoltaic silicon wafer industry, will likely enter the top tier when it possesses 30GW annual capacity.
Photovoltaic silicon wafer unicorn GokinSolar (Chinese: 高景太阳能) announced recently that it had completed a USD 250 Mn in Series A funding round.
Apart from existing shareholders IDG Capital and Zhuhai Huafa Group, other co-investors include Chinalife Tech-Innovation Fund, China Construction Bank Fund, Utrust (Guangdong Industrial Development Fund), Shenzhen Investment Holding Capital, AikoSolar Energy, Midea Capital.
After this funding round, the phase three 20GW project that GokinSolar planned to kickstart will start construction this year, to help accelerate the process for the 50GW project to reach production.
By then, GokinSolar will achieve an output value of CNY 35 billion, while its 50GW terminal products will reduce carbon emissions by 70 million tons per year.
“We have seen Gaokin’s excellent performance in the core technology of large-size photovoltaic wafer development, which gives us confidence to continue to invest in the company,” said Yu Xinhua, partner at IDG Capital. “In the future, we will continue to support outstanding enterprises and help China to achieve carbon neutrality.”
GokinSolar was founded in July 2019 by leading PV industry experts, IDG Capital and Zhuhai Huafa Group. The first phase 15GW crystallizing project (in Xining, capital of northwestern China’s Qinghai Province) and slicing project (in Zhuhai City of southern China’s Guangdong Province) took 93 and 140 days respectively to proceed from start to production.
Construction on the second phase 15GW project, which was originally planned to be built in the first half of 2022 and put into operation in the second half of this year, started in July 2021. The project began operation in February this year.
After the completion of the second-phase project in June, GokinSolar is expected to rank among the top echelon of the industry with 30GW of annual capacity.