Following the successful conclusion of Series C1, Kunshan GCL Optoelectronics Materials Co., Ltd. recently completed nearly 200 million yuan in Series C2 financing. This round of financing was jointly invested by Cinda Asset Management and SAIF Partners. Together with institutions such as Jinshi Investment, Kunshan High-tech Group, Sequoia China, and Hanyang Capital in Series C1, the Series C financing was completed. Lightsource Capital continued to serve as the exclusive financial advisor.

 

The Series C financing will be used for the industrial construction of GCL Optoelectronics' gigawatt-level perovskite industrial base and the scientific research investment in perovskite products; it will accelerate the mass production process of perovskite commercial modules. By then, full-size (1.15 meters × 2.4 meters), high-efficiency and stable perovskite tandem modules that meet commercial applications will be gradually introduced to the market. With the third-generation photovoltaic material technology representative of China's new quality productive forces, it will help the world build a new energy system and promote the high-quality development and technological revolution of the new power system.

 

The gigawatt-level perovskite industrial base of GCL Optoelectronics was laid the foundation in Kunshan High-tech Zone, Jiangsu Province on December 27, 2023. On June 24, 2025, witnessed by leaders including Liu Xiaotao, Deputy Secretary of the Jiangsu Provincial Party Committee and Secretary of the Suzhou Municipal Party Committee, and Chen Liyan, Secretary of the Kunshan Municipal Party Committee, the base was officially put into production, marking that the global perovskite photovoltaic technology has officially entered a new era of commercial-scale mass production and setting an important milestone for the global photovoltaic industry to climb the technological singularity.

 

GCL Optoelectronics initially laid out a 1-gigawatt perovskite commercial module production line. In the future, the project base will serve as GCL Optoelectronics' global R&D headquarters, the listing entity, and the global group headquarters. It will actively introduce upstream and downstream enterprises, cultivate and form a perovskite industry ecosystem, and strive to achieve the goal of a hundred-billion-yuan output value. During the project construction period, the scientific research team of GCL Optoelectronics continued to delve deeply into the mass production process and successively broke through three major issues of size, efficiency, and stability. The efficiency of single-junction modules reached 19.04% @ 2 square meters, and the efficiency of tandem modules reached 26.36% @ 1.71 square meters. It also successfully passed the 3-times-stricter-than-international-standards aging test, setting multiple global first records.

 

"The breakthrough in the mass production of GCL Optoelectronics' perovskite batteries is a landmark event indicating the arrival of the photovoltaic technology singularity," said Zhu Gongshan, Chairman of the GCL Group. In the future, GCL will be driven by the dual wheels of "gigawatt-level mass production + scenario-based demonstration", anchor the roadmap of "gradual increase in production capacity - large-scale manufacturing - explosive growth in tandem production capacity", accelerate the application process of perovskite modules, and lead the industry to jointly paint a new picture of the photovoltaic industry in the next decade through the golden technology combination of FBR granular silicon + BC + perovskite, helping the global energy transformation and upgrading and unlocking the green and low-carbon future.

 

Dr. Fan Bin, Chairman of GCL Optoelectronics, said: "After more than ten years of technological progress and development, perovskite, as the only way to improve the photoelectric conversion efficiency in the photovoltaic industry, has formed an industry consensus. GCL Optoelectronics has achieved important progress in multiple aspects such as products and production capacity, and the commercial application of perovskite modules is just around the corner. In the future, the company will maintain focus and continuous investment in perovskite technology and contribute GCL's strength to achieving the country's 'dual carbon' goals."

 

Xue Ling, a partner of Lightsource Capital, said: "The industrialization of perovskite has reached a critical point. We have witnessed GCL Optoelectronics' leap from efficiency breakthroughs to the commissioning of the world's first gigawatt-level perovskite base. In June 2025, its gigawatt-level production line in Kunshan was put into operation, with the efficiency of tandem modules reaching 29.51% and passing the 3-times-stricter-than-IEC TüV Rheinland test, gradually removing industrialization obstacles and becoming the global turning point for perovskite to move from the laboratory to large-scale commercialization. We look forward to Dr. Fan Bin's team of GCL Optoelectronics accelerating the industrialization process. Lightsource Capital will continue to support GCL Optoelectronics and jointly promote the development of global green energy."