Photovoltaic Material Manufacturer Huayao Photoelectric Bags Nearly 400 Million Yuan in Financing

Inner Mongolia Huayao Photoelectric Technology Co., Ltd. (Huayao Photoelectric ), a photovoltaic materials manufacturer, recently completed a financing round totaling nearly 400 million yuan ($62.9 million), led by TopoScend Capital alongside other investment institutions such as TFTR Investment and Galaxy Capital. The funds will be implemented to help the firm continue with R&D, production and steadily increasing its market share.

Founded in 2019, Huayao Photoelectric mainly produces monocrystalline silicon wafers and silicon rods used for semiconductor materials and solar photovoltaic power generation and heating.

The firm is committed to becoming a supplier of high-quality monocrystalline silicon wafers in the photovoltaics industry. Its silicon wafer technology reserves are abundant; at present, it holds 22 authorized and pending patents, and the yield of its silicon wafers can reach over 98%.

By the end of 2021, Huayao Photoelectric had built two production bases in the Chinese province of Inner Mongolia and the eastern city of Changzhou, with an actual production capacity of 4GW.

The solar photovoltaic industry that Huayao Photoelectric focuses on is one of the green industries strongly supported by Chinese central planners. With the joint promotion of technological progress to reduce costs and various encouraging policies issued by the government, the domestic photovoltaic industry has entered a period of rapid development.

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Under a growing global consensus regarding the need to carry out carbon emissions reduction measures, the clean energy industry enjoys an increasingly broad development scope. Photovoltaic power, for instance, embodies the characteristics of high energy density, high safety and eco-friendliness. After comprehensively considering factors such as costs, safety, ecological impact and power generation efficiency, photovoltaic power wields obvious advantages over non-fossil energy sources such as hydropower and nuclear power. It is expected to become a primary force in efforts to achieve carbon neutrality, and will likely see dramatic development in the next few years.

Since its establishment, Huayao Photoelectric has reached stable cooperation with raw material suppliers and has continuously increased its investment in technology R&D. At present, the firm has started the development of 210mm large-size silicon wafers and N-type monocrystalline silicon wafers. The 12GW monocrystalline silicon wafer project that has started construction will further improve the firm’s output capacity after it is put into production.