IDG Invests in Round A Financing for Gokin Solar

On Wednesday, silicon wafer developer startup Gokin Solar announced the completion of its round A financing worth 1.6 billion yuan ($251.34 million). Previous shareholders, IDG and Zhuhai Huafa Group, continued to increase their investment.

Other financial investment institutions joined this latest round of financing, including China Life Science and Technology Innovation Fund under China Life Investment, CCB Private Equity, Guangdong Finance Fund (Guangdong Industrial Development Fund), Shenzhen Investment Holdings Capital, ProCapital and Huamei Capital. Industrial investment institutions, such as Aiko Solar Energy and Midea Capital, also participated in this round of investment.

Established in July 2019 and headquartered in Zhuhai, Gokin Solar was jointly founded by IDG and Zhuhai Huafa Group, both of which are experienced in the industry. The company focuses on the R&D and manufacturing of high-efficiency and large-size photovoltaic silicon wafers and has mastered a number of core technologies in large-size and thin wafers. The company is currently investing 17 billion yuan in the construction of a 50GW mono large-size silicon wafer project.

As technology progresses, the industry has ushered in the era of N-type, large-size and thin silicon wafers. The production scale of these silicon wafers is larger while the requirements for the technical threshold are also much higher. The N-type large-size silicon wafer, quasi-independently developed by Gokin Solar, has a low power consumption, high output and high efficiency. In the aspect of silicon wafer cutting, it has reached a mature level of the 110 microns.

At present, Gokin Solar remains stable in both its production and operation. The second phase of its 15GW project, originally planned to be built in the first half of 2022 and put into production in the second half, has been moved to July 2021 but was officially put into production in February this year. It is expected that after the second phase of the project is fully put into production in June, the company will rank among the first tier of the industry with a 30GW production capacity.

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Benefiting from this round of financing, the third phase of Gokin’s 20GW project, originally planned to start in 2023, will begin construction later this year so as to accelerate to its reach of 50GW production capacity. By then, Gokin Solar will be valued at more than 35 billion yuan. In addition, the 50GW end products will also reduce carbon emissions by 70 million tons per year, contributing to the national and global energy conservation and emission reduction plan.