Gokin Solar Has Completed A B-round Financing of Over 2.5 Billion Yuan
Two rounds of financing totaling 4.1 billion yuan,reflecting the company’s value and market recognition
Topinvestors are multidimensional and deeply empowered
Gokin Solar was founded on July 3, 2019, headquartered in Zhuhai, and co-founded by the senior team in the industry, IDG Capital and Zhuhai Huafa Group. It focuses on the research and development and manufacturing of high-efficiency large-sized photovoltaic silicon wafers, mastering multiple core technologies such as large-sized and lamination, and providing customers with efficient and high-quality products. It aims to become a benchmark enterprise in the global photovoltaic silicon wafer field. The company is currently investing in the construction of a 17 billion-yuan 50GW single crystal large-sized silicon wafer project.
In April of this year, Gokin Solar announced the completion of a 1.6 billion yuan A-round financing. In addition to the existing shareholders IDG Capital and Huafa Group continued to increase their investment, China life Science and Technology Innovation Fund under China life Investment, Jianxin Equity, Guangdong Finance Fund (Guangdong Industrial Development Fund), Shenzhen Investment Holding Capital, PRO Capital, BrillianceCapital, Ihang Capital, Oudeli and other financial investment institutionsunder Guoshou Investment, as well as industrial investment institutions such asAiko Solar Energy and Midea Capital also jointly participated in this round ofinvestment.
The B-round financing of over 2.5 billion yuan this time is led by funds under CICC Capital; Yibin Venture Capital Investment, National Manufacturing Transformation and Upgrading Fund (GoldstoneInvestment), Guangdong Technology Financial Group, Zhuhai Jinhang, etc. have provided solid government guidance and financial support to the company; Investors in industries such as Xinte Energy, Walden International, GuangfaXinde Investment, etc. strengthen cooperation between the upstream and downstream of the industrial chain, and broaden cutting-edge technology exchange platforms; Star investment institutions such as Tixin Capital, HaitongCapital, GP Intelligence, China-U.S. Green Fund, Jinzhi Investment, PeopleCapital, Jolmo Investment, and Jian Xin Tian Ran provide diversified capital market service channels for the company; Shareholders such as Shenzhen Investment Holding Capital, Brilliance Capital, Fullgoal Fund, and Oudeli have made additional investments. The participation and sustained support of top investors provide multi-dimensional and in-depth empowerment for Gokin Solar,including capacity expansion, business collaboration, and strategic cooperation.
Financingaccelerates the company’s layout in three locations, helping to sprint towardsthe first tier
With the comprehensive support of thefounding shareholders, local governments, customers, suppliers, financialservice institutions, and A-round investors, Gokin Solar achieved fullproduction of Xining’s Phase I and Phase II 30GW Czochralski single crystalproject and Zhuhai’s Phase I and Phase II 30GW large-scale slicing project inJune 2022, nearly six months ahead of the original plan, continuously updatingthe “Gokin speed”, contributing to the high-quality construction of a nationalclean energy industry highland in Qinghai and the construction of a new energyindustry cluster worth billions in Zhuhai.
It is reported that the third phase of the “Xining20GW crystal pulling+Zhuhai 20GW slicing” project is steadily advancingaccording to plan. In addition, the new 50GW Czochralski single crystal and30GW large-scale slicing projects (constructed in two phases) were officiallysettled in Yibin, known as the “Capital of Liquor and Bamboo in China”, openingthe "entry point" for the green and clean energy industry in the newtrack of “one blue and one green”. Thanks to the injection of new momentum fromB-round investors, the company’s existing planned production capacity canaccelerate the pace of construction, and reaching full capacity will help thecompany sprint towards the top tier of the industry.
InvestorPerspective
Theinvestment team of CICC Capital: Driven by the “carbonneutrality” goals set by multiple countries, clean energy transformation, andgreen recovery, and with the continuous progress of photovoltaic technology,photovoltaic power generation has become one of the most competitive forms ofnew energy in most countries around the world. In the future, downstreamphotovoltaic demand will continue to remain strong. The investment team of CICCCapital is optimistic about the certainty of the future development of thephotovoltaic industry. We have seen Gokin’s outstanding performance in coretechnology and refined management in the era of N-typed, large sized, and laminatephotovoltaic silicon chips, which gives us great confidence to invest heavily thecompany. We believe that Gokin can help China’s photovoltaic industry achievelarger scale, better quality, and lower cost development. In the future, wewill continue to support more outstanding enterprises and help China achieve the“carbon neutrality” goals.
ShenzhenInvestment Holding Capital: Gokin Solar is animportant part of Shenzhen Investment Holding Capital’s new energy investmentmain line, with huge potential for future development. “To have strongpotential, one must have good character and talent, be admired like a highmountain”. As an existing shareholder, Shenzhen Investment Holding Capital willcontinue to support the development of Gokin. At the same time, as a strategicinvestment platform for state-owned assets in Shenzhen, Shenzhen InvestmentHolding Capital shoulders the mission of industrial development in Shenzhen andthe Guangdong–Hong Kong–Macao Greater Bay Area, and constantly promotesindustrial upgrading. In the future, Shenzhen Investment Holding Capital willcontinue to fulfill the mission and responsibility of the state-owned assetplatform, and assist the development of technological innovation-basedenterprises.
XinteEnergy: In the historical development of mankind,the form of energy has gone through the age of firewood, coal, and oil, all ofwhich are not separated from the form of fossil energy. Currently, in the faceof increasingly severe global environmental pressure and the demand for greendevelopment, carbon peaking and carbon neutrality have become an internationalconsensus. A new energy revolution has occurred, and green renewable energy hasbecome an inevitable choice, among which photovoltaic is the leader with broadindustry prospects. Gokin Solar is at the right time, with a team with richexperience, strong technical strength, advanced production capacity, and clearstrategy. Moreover, Gokin is also one of our company’s main strategic partners.We hope that both parties can inherit the good cooperation relationship in thepast, take this investment as a new opportunity, and jointly carry outcomprehensive strategic cooperation around research and development, quality,market, and other aspects, contributing to the development of the photovoltaicindustry and renewable energy.
TixinCapital: In the third energy revolution that theworld is experiencing together, the importance and certainty of photovoltaicshave become a global consensus. At the same time, China has become anunshakable global photovoltaic manufacturing center, and more Chineseenterprises with a market value of hundreds of billions, such as LONGi andTongwei, will emerge on the photovoltaic industry chain. Driven by costreduction and efficiency improvement, we have seen the rapid implementationability, excellent product performance indicators, solid cost controlcapabilities, and leading technological research and development leveldemonstrated by Gokin Solar in the face of rising market opportunities. Webelieve that Gokin Solar has great potential to become an industry leader.
WaldenInternational: We have always been paying attentionto new energy. On the one hand, the high proportion of renewable energy on theenergy supply side and the high proportion of electric drive on the energyconsumption side have become an inevitable trend. On the other hand, the energyindustry is transitioning from resource driven to technology and manufacturingdriven, from blindly pursuing rapid and reckless development to technologydriven and refined management. Gokin’s team combines technical and operationalmanagement, with a highly forward-looking supply chain and strong executioncapabilities, which is exactly the team we are looking for. We are pleased towork closely with the Gokin team to support the global development of theenterprise and assist in opening up broader growth opportunities.
PeopleCapital: The company highly values the certainty ofthe development of the photovoltaic industry. Gokin’s excellent performance inthe core technology of large-scale photovoltaic silicon wafer research anddevelopment has given us the confidence to invest. We believe that Gokin canhelp the photovoltaic industry achieve larger scale and lower cost development.Investing in Gokin is an important step in the carbon peak and neutrality trackof People Capital. In the future, we will continue to support more outstandingenterprises to help China achieve its carbon neutrality target.
IDGCapital: Gokin Solar is a project that IDG Capital,as a co-sponsor, actively incubates and cultivates, and has become an importantpart of IDG Capital’s photovoltaic new energy industry layout. Since the end of2020, when we invested in Gokin, in less than 2 years, Gokin has demonstratedastonishing execution capabilities and team competitiveness, earning highrecognition and love from upstream and downstream enterprises and investmentinstitutions. IDG Capital is firmly optimistic about the long-term developmentof the photovoltaic track and the huge development potential of Gokin in thesilicon chip sector. After this round of financing, new investors will furtherincrease their holdings in Gokin in various aspects such as corporategovernance, shareholder structure, strategic synergy, and capacity expansion.IDG Capital will work with the new shareholders to empower and help Gokin toachieve high-speed development in the future.
Breakaway from emptiness and pragmatism, create new chapters together, and achievemutual success
Gokin Solar firmly adheres to the developmentpolicy of “customer-centric, manufacturing fundamental, and technology driven”,actively responds to customer needs and market trends, and continuouslystrengthens upstream and downstream communication, interaction, and internalresearch and evaluation of “N-typed and laminate” products; Gokin Solar continuously improves the level of refinedmanufacturing and management concepts through “standardization, automation,intelligence, and informatization”; Gokin solar combines independent innovationwith collaborative innovation, leverages research and development fields such ascrystal growth, high-speed cutting, and new material applications to drivequality improvement and cost reduction; Gokin solar optimizes theorganizational structure, improve the talent team, strengthen the constructionof corporate culture, enhance cohesion, and work together with investors andhigh-view supporters to create new chapters and achieve mutual success with ahigh-quality development spirit of detachment and pragmatism.
