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GCL to Raise RMB 6 Billion for Projects Related to TOPCon Cells and Energy Storage Systems

published: 2023-04-13 9:30

In late March, GCL announced that it plans to launch a private placement with the goal of raising no more than RMB 6 billion. After deducting the expenses, the net proceeds will be used to fund the development of two new manufacturing projects and supplement its working capital. This announcement was first picked up by other Chinese news outlets.

Wuhu GCL’s Project with 20GW per Year of Production Capacity for High-Efficiency TOPCon Cells

GCL’s wholly-owned subsidiary Wuhu GCL will be setting up a project for manufacturing high-efficiency PV cells that are based on the TOPCon technology. The project will be built over two phases, with each adding 10GW per year of production capacity. GCL will be committing RMB 3.885 billion into this project, and the construction period is expected to last around 12 months. The proceeds from the private placement will be used to support the construction of the main production facility, the auxiliary facilities, and the supporting infrastructure. The proceeds will also be used to purchase and install the related manufacturing equipment.

Once in operation, Wuhu GCL’s project will fill the GCL’s own PV cell supply gap that was caused by the capacity expansion at GCL’s PV module production site in Hefei. Wuhu GCL’s project will further assist GCL in its efforts to cut costs through vertical integration. Moreover, it will also improve to the profitability of GCL’s business units that operate across the PV industry chain.

Shenghao’s Project with 10GWh per Year of Production Capacity for Smart Energy Storage Products

GCL’s wholly-owned subsidiary Xuzhou Shenghao New Energy Development will be setting up a project for manufacturing smart energy storage products. The project entails an investment of RMB 1.20121 billion and will take about 12 months to build. Spanning an area of 60,000 square meters, the project site will accommodate a production plant for making energy storage batteries, an R&D center, a facility for making smart control systems, an office building, a parking building, and facilities for providing services for everyday life, etc. After the project is completed, it will mainly produce energy storage systems for residential, commercial, and industrial applications. It will also manufacture liquid-cooling battery modules. The planned production capacity of the project for energy storage products is estimated around 10GWh per year.

Distribution of Proceeds from GCL’s Upcoming Private Placement (Unit: RMB 10k)



Invested Amount

Committed Amount from Proceeds of Private Placement

Wuhu GCL’s Project with 20GW per Year of Production Capacity for High-Efficiency PV Cells



Xuzhou Shenghao’s Project with 10GWh per Year for Smart Energy Storage Products



Amount for Supplementing Working Capital






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