GCL Technology: Establishes RMB 1.852 Billion Cathode Material Fund with State-owned Capital, Signs PV-related Sales Contracts

According to EnergyTrend, on March 5, GCL Technology announced that its indirectly wholly-owned subsidiary had entered into 2026 sales contracts for polysilicon and silicon wafers with its related party GCL Integration and its subsidiaries.

The contracts are classified as continuing connected transactions, with a term ending December 31, 2026. The respective caps for sales of silicon wafers and polysilicon are both RMB 300 million (tax-included).

The previous 2025 sales agreements between the parties expired on December 31, 2025. Between January 1 and March 5, 2026, GCL Technology (Suzhou) and GCL Integration (Suzhou) conducted historical silicon wafer transactions totaling approximately RMB 37,000. The formal signing aims to regulate transaction procedures.

Specific transaction arrangements are as follows:

• Silicon wafers will be supplied by GCL Technology (Suzhou) to GCL Integration. Pricing is negotiated monthly, with payment due within 15 days after delivery.
• Polysilicon will be supplied by Jiangsu Zhongneng to GCL Integration (Suzhou). Pricing is negotiated monthly and shall not be lower than the market price; purchase orders for the following month are confirmed at the end of each month.
• GCL Technology applies a unified pricing policy, under which the selling prices to connected parties are not lower than the average prices to independent third parties during the same period, ensuring fair transactions.

While consolidating cooperation in its core photovoltaic business, GCL Technology has recently made another move in the new energy industry chain by jointly establishing a cathode material equity investment fund in Leshan with multiple partners.

Corporate data shows that on February 26, Leshan Xinneng Cathode Material Equity Investment Fund Partnership (Limited Partnership) was founded. Its executive partner is Suzhou GCL Jingshifeng Equity Investment Management Co., Ltd., with a registered capital of RMB 1.852 billion.

The fund is jointly funded by Suzhou GCL Jingshifeng Equity Investment Management Co., Ltd., Leshan Lechuang Venture Capital Fund Management Co., Ltd., Leshan Science and Technology Innovation Industry Investment (Group) Co., Ltd., and GCL Technology (Suzhou) Co., Ltd. Among them, GCL Technology (Suzhou) has subscribed RMB 450 million, accounting for a 24.2981% shareholding ratio. Leshan Science and Technology Innovation Industry Investment (Group) Co., Ltd. holds the largest share at 75.594%.

The establishment of the fund supports GCL Technology’s 400,000-ton-per-year LFP (lithium iron phosphate) cathode material project in Leshan, which is planned to be launched in two phases, with production expected to commence successively in 2028 and 2029. The fund will provide financial support for the cathode material project, help GCL Technology improve its optical storage industry chain, lock in raw material costs, and ensure stable supply for the energy storage and new energy vehicle sectors.

Source：EnergyTrend