GCL Technology said that it recorded a net loss of CNY 4.75 billion on CNY 15.1 billion of revenue for the year ending December 31, 2024, compared to revenue of CNY 33.7 billion and a net profit of CNY 2.51 billion in the previous year. The company completed its switch to fluidized bed reactor (FBR) granular polysilicon production, reaching a manufacturing cost of CNY 27.14/kg in early 2025. In 2024, it produced 269,199 MT of FBR polysilicon, with at least 95% high purity. Its capacity is 480,000 MT, with shipments totaling 281,900 MT in 2024. The company’s monocrystalline silicon crystal pulling capacity is 10 GW, and its annual wafer production capacity is 35 GW. GCL also reported sampling wafers made with its new Continuous Czochralski (CCz) process, which uses FBR silicon as raw material. Additionally, its full-sized perovskite modules achieved a power conversion efficiency (PCE) of 19.04%. The company said it plans to produce 2.88 m² silicon-based tandem modules with 27% PCE this year.
Sofar has debuted on the ChiNext board of the Shenzhen Stock Exchange at an initial public offering (IPO) price of CNY 11.8 per share. The stock opened at CNY 40 per share, marking a 239% surge. Founded in 2013, Sofar’s core team includes former Samil Power executives. The company’s revenue reached CNY 4.46 billion in 2022, with its energy storage business surpassing solar inverters. However, revenue declined in 2023 due to the easing of Europe’s energy crisis. Sofar is now expanding its domestic footprint, focusing on utility-scale storage and ground-mounted solar projects, with China’s sales rising to 24.43% in 2023.
Lingda Group said it will cancel its subsidiary’s planned 5 GW tunnel oxide passivated contact (TOPCon) solar cell production project. The project, operated by Jinzhai Jiayue New Energy Technology, was launched in November 2020 and included 12 TOPCon cell production lines, a manufacturing facility, and associated infrastructure. However, construction progress fell short of expectations, and in October 2024, Lingda halted the project due to financial constraints. The latest announcement formalizes the project’s full termination.
Trina Solar has signed a 20-year power purchase agreement (PPA) with Equinix (NASDAQ: EQIX) to supply renewable energy to its Japanese data centers. Under the agreement, Trina’s International Solar Business Unit (ISBU) will develop, construct, and operate the 30 MW Yufutsu Abira solar project, with power delivery scheduled to begin in the third quarter of 2028.
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