GCL Optoelectronics announced in early March that it has secured more than RMB 100 million in its latest round of fundraising for building a 100MW production line for PV modules containing perovskite cells. The announcement was first conveyed through Cathay Communications to Polaris Solar Photovoltaic Network. Cathay Capital was the lead investor in this round of fundraising.

GCL Optoelectronics is a subsidiary of GCL, which is one of the leading vertically integrated manufacturers in the solar industry. Since its establishment, GCL Optoelectronics has been focusing on the development of perovskite cells and modules. Perovskite has been widely regarded as a potential next-generation material technology that can completely revolutionize the global solar market with respect to manufacturing process, manufacturing cost, and conversion efficiency. GCL Optoelectronics currently aims to achieve mass production for its perovskite module that is 1m by 2m in size. It has already built a 10MW pilot production line and seeks to further expand production capacity.

At the same time, works continue on raising the conversion efficiency rate. GCL Optoelectronics in its announcement said that the conversion efficiency rate of its perovskite module has risen from 13.48% that was previously certified by TÜV Rheinland to 16.4%. Going forward, the company will keep improving the performance and performance stability of the module while lowing its production cost. The company hopes to eventually offer a PV-plus-storage system that resolves the issue of generation intermittency and achieves grid parity. Such solution could make solar PV more mainstream in the wider energy market.

Following the latest round of fundraising, GCL will begin setting up its 100MW production line for perovskite module. Success in mass production will advance the commercialization of perovskite-based products.