China's Yuze Semiconductor raises $178m

Commodities and industrials-focused Ningbo Development & Investment Group also participated as did state-back investors including National Green Development Fund (NGDF), SDIC Unity Capital, Zhejiang Provincial Seaport Group. The company claimed a post-money valuation around CNY10bn.

Founded in 2019, Yuze focuses on N-type silicon wafers, which are used in new-generation solar systems. It claims to work across the three core technology routes for N-type wafers, known as Topcon, HIT and IBC.

Topcon, for example, is capable of delivering a 1% efficiency gain in terms of absolute value. It can be produced by upgrading existing manufacturing facilities, significantly reducing capital expenditure requirements.

Earlier this month, China’s Cloudview Capital led a CNY 1.5bn Series B for Astronergy, a solar panel manufacturer based in Zhejiang province. The investment will be used to expand the company’s Topcon solar cell production capacity.

Last October, China’s JinkoSolar achieved 26.1% efficiency for a N-type Topcon solar cell, said to be a new record for the technology.

Yuze claims its annual production capacity for N-type products equates to 15 gigawatts, and that another 20 GW capacity is under construction. This figure is expected to hit 55 GW by the end of 2024.

New energy has remained a promising area in China’s more cautious investment landscape.
Asset valuations have increased in light of national targets for making carbon emissions peak in 2030 and achieving carbon neutrality by 2060.

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• Topics
• Greater China
• Expansion
• Cleantech
• China
• semiconductor
• SDIC Fund Management
• Goldstone Investment
• energy
• manufacturing