Recently, leading photovoltaic company GCL Technology Holdings Limited announced that it has entered into a strategic financing agreement with renowned international investment firm Infini Capital. This move signals growing interest from international long-term capital in the high-quality development of China’s PV industry, which is actively steering away from internal competition.
According to GCL Tech’s announcement on the Hong Kong Stock Exchange, the company will raise approximately HK$5.446 billion (roughly $700 million) through a private placement to Infini Capital. The net proceeds from the subscription, amounting to about HK$5.392 billion, will be primarily used to build a supply-side reform reserve, strengthen the company’s “second growth curve,” and optimize its capital structure.
Notably, part of Infini Capital’s strategic investment will support GCL Tech in accelerating its perovskite technology initiatives and driving its commercialization. According to forecasts by the China Business Industry Research Institute, China’s perovskite battery production capacity is expected to reach 161 GW by 2030, indicating substantial market potential.
In addition, both parties will jointly establish a specialized industry fund aligned with their shared goals of synergistic development and industrial optimization. The fund will focus on consolidating inefficient and low-quality excess capacity within the industry. Through market-driven acquisitions, specialized restructuring, and innovative upgrades, it aims to channel resources toward high-quality production capacity and foster a healthy, orderly, and sustainable industrial ecosystem.
