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
Top investors 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, Chinalife Science and Technology Innovation Fund under Chinalife
Investment, Jianxin Equity, Guangdong Finance Fund (Guangdong Industrial
Development Fund), Shenzhen Investment Holding Capital, PRO Capital, Brilliance
Capital, Ihang Capital, Oudeli and other financial investment institutions
under Guoshou Investment, as well as industrial investment institutions such as
Aiko Solar Energy and Midea Capital also jointly participated in this round of
investment.
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 (Goldstone
Investment), 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, Guangfa
Xinde 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, Haitong
Capital, GP Intelligence, China-U.S. Green Fund, Jinzhi Investment, People
Capital, 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.
Financing accelerates the company’s layout in three locations, helping to sprint towards the first tier
With the comprehensive support of the
founding shareholders, local governments, customers, suppliers, financial
service institutions, and A-round investors, Gokin Solar achieved full
production of Xining’s Phase I and Phase II 30GW Czochralski single crystal
project and Zhuhai’s Phase I and Phase II 30GW large-scale slicing project in
June 2022, nearly six months ahead of the original plan, continuously updating
the “Gokin speed”, contributing to the high-quality construction of a national
clean energy industry highland in Qinghai and the construction of a new energy
industry cluster worth billions in Zhuhai.
It is reported that the third phase of the “Xining
20GW crystal pulling+Zhuhai 20GW slicing” project is steadily advancing
according to plan. In addition, the new 50GW Czochralski single crystal and
30GW large-scale slicing projects (constructed in two phases) were officially
settled in Yibin, known as the “Capital of Liquor and Bamboo in China”, opening
the "entry point" for the green and clean energy industry in the new
track of “one blue and one green”. Thanks to the injection of new momentum from
B-round investors, the company’s existing planned production capacity can
accelerate the pace of construction, and reaching full capacity will help the
company sprint towards the top tier of the industry.
Investor Perspective
The
investment team of CICC Capital: Driven by the “carbon
neutrality” goals set by multiple countries, clean energy transformation, and
green recovery, and with the continuous progress of photovoltaic technology,
photovoltaic power generation has become one of the most competitive forms of
new energy in most countries around the world. In the future, downstream
photovoltaic demand will continue to remain strong. The investment team of CICC
Capital is optimistic about the certainty of the future development of the
photovoltaic industry. We have seen Gokin’s outstanding performance in core
technology and refined management in the era of N-typed, large sized, and laminate
photovoltaic silicon chips, which gives us great confidence to invest heavily the
company. We believe that Gokin can help China’s photovoltaic industry achieve
larger scale, better quality, and lower cost development. In the future, we
will continue to support more outstanding enterprises and help China achieve the
“carbon neutrality” goals.
Shenzhen
Investment Holding Capital: Gokin Solar is an
important part of Shenzhen Investment Holding Capital’s new energy investment
main line, with huge potential for future development. “To have strong
potential, one must have good character and talent, be admired like a high
mountain”. As an existing shareholder, Shenzhen Investment Holding Capital will
continue to support the development of Gokin. At the same time, as a strategic
investment platform for state-owned assets in Shenzhen, Shenzhen Investment
Holding Capital shoulders the mission of industrial development in Shenzhen and
the Guangdong–Hong Kong–Macao Greater Bay Area, and constantly promotes
industrial upgrading. In the future, Shenzhen Investment Holding Capital will
continue to fulfill the mission and responsibility of the state-owned asset
platform, and assist the development of technological innovation-based
enterprises.
Xinte
Energy: In the historical development of mankind,
the form of energy has gone through the age of firewood, coal, and oil, all of
which are not separated from the form of fossil energy. Currently, in the face
of increasingly severe global environmental pressure and the demand for green
development, carbon peaking and carbon neutrality have become an international
consensus. A new energy revolution has occurred, and green renewable energy has
become an inevitable choice, among which photovoltaic is the leader with broad
industry prospects. Gokin Solar is at the right time, with a team with rich
experience, strong technical strength, advanced production capacity, and clear
strategy. Moreover, Gokin is also one of our company’s main strategic partners.
We hope that both parties can inherit the good cooperation relationship in the
past, take this investment as a new opportunity, and jointly carry out
comprehensive strategic cooperation around research and development, quality,
market, and other aspects, contributing to the development of the photovoltaic
industry and renewable energy.
Tixin
Capital: In the third energy revolution that the
world is experiencing together, the importance and certainty of photovoltaics
have become a global consensus. At the same time, China has become an
unshakable global photovoltaic manufacturing center, and more Chinese
enterprises with a market value of hundreds of billions, such as LONGi and
Tongwei, will emerge on the photovoltaic industry chain. Driven by cost
reduction and efficiency improvement, we have seen the rapid implementation
ability, excellent product performance indicators, solid cost control
capabilities, and leading technological research and development level
demonstrated by Gokin Solar in the face of rising market opportunities. We
believe that Gokin Solar has great potential to become an industry leader.
Walden
International: We have always been paying attention
to new energy. On the one hand, the high proportion of renewable energy on the
energy supply side and the high proportion of electric drive on the energy
consumption side have become an inevitable trend. On the other hand, the energy
industry is transitioning from resource driven to technology and manufacturing
driven, from blindly pursuing rapid and reckless development to technology
driven and refined management. Gokin’s team combines technical and operational
management, with a highly forward-looking supply chain and strong execution
capabilities, which is exactly the team we are looking for. We are pleased to
work closely with the Gokin team to support the global development of the
enterprise and assist in opening up broader growth opportunities.
People
Capital: The company highly values the certainty of
the development of the photovoltaic industry. Gokin’s excellent performance in
the core technology of large-scale photovoltaic silicon wafer research and
development has given us the confidence to invest. We believe that Gokin can
help the photovoltaic industry achieve larger scale and lower cost development.
Investing in Gokin is an important step in the carbon peak and neutrality track
of People Capital. In the future, we will continue to support more outstanding
enterprises to help China achieve its carbon neutrality target.
IDG
Capital: Gokin Solar is a project that IDG Capital,
as a co-sponsor, actively incubates and cultivates, and has become an important
part of IDG Capital’s photovoltaic new energy industry layout. Since the end of
2020, when we invested in Gokin, in less than 2 years, Gokin has demonstrated
astonishing execution capabilities and team competitiveness, earning high
recognition and love from upstream and downstream enterprises and investment
institutions. IDG Capital is firmly optimistic about the long-term development
of the photovoltaic track and the huge development potential of Gokin in the
silicon chip sector. After this round of financing, new investors will further
increase their holdings in Gokin in various aspects such as corporate
governance, shareholder structure, strategic synergy, and capacity expansion.
IDG Capital will work with the new shareholders to empower and help Gokin to
achieve high-speed development in the future.
Break away from emptiness and pragmatism, create new chapters together, and achieve mutual success
Gokin Solar firmly adheres to the development policy of “customer-centric, manufacturing fundamental, and technology driven”, actively responds to customer needs and market trends, and continuously strengthens upstream and downstream communication, interaction, and internal research and evaluation of “N-typed and laminate” products; Gokin Solar continuously improves the level of refined manufacturing and management concepts through “standardization, automation, intelligence, and informatization”; Gokin solar combines independent innovation with collaborative innovation, leverages research and development fields such as crystal growth, high-speed cutting, and new material applications to drive quality improvement and cost reduction; Gokin solar optimizes the organizational structure, improve the talent team, strengthen the construction of corporate culture, enhance cohesion, and work together with investors and high-view supporters to create new chapters and achieve mutual success with a high-quality development spirit of detachment and pragmatism.
