GCL Optoelectronics Valuation, Funding & Investors

GCL Optoelectronics is valued at $430M as of December 2022.

Last GCL Optoelectronics valuation

$430M

Series B · Dec 2022

Last GCL Optoelectronics funding round

$15M

Series D · Aug 2026

Cumulative funding GCL Optoelectronics raised

$183M

across 4 funding rounds

Key investors in GCL Optoelectronics

  • HSG
  • Kunshan Gaoxin Jituan
  • Hanyang Capital
  • IDG Capital
  • Temasek
  • Tsinghua Holdings Capital

GCL Optoelectronics Overview

About GCL Optoelectronics

GCL Optoelectronics is a China-based supplier of perovskite solar modules emphasizing research, development, and mass production. The company aims for grid-parity photovoltaic panels through advanced tandem cell technology combining perovskite and silicon layers. It operates production facilities and employee training programs to scale manufacturing for utility-scale solar projects.


Founded

2019

HQ

ChinaKunshan

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$430M (Dec 2022)

GCL Optoelectronics Valuation

GCL Optoelectronics is currently valued at $430M, based on its Series B in December 2022.

The $72M round was led by HSG, IDG Capital and Temasek, with participation from Longwater Investment.

GCL Optoelectronics valuation by funding round

GCL Optoelectronics valuation by funding round
DateStageValuation
Dec 2022Series B$430M

GCL Optoelectronics Funding History

GCL Optoelectronics has raised a total of $183M across 4 funding rounds.

GCL Optoelectronics' first fundraising round was a $72M Series B in December 2022. The most recent completed round was a $15M Series D in August 2026.

GCL Optoelectronics funding rounds

GCL Optoelectronics funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Aug 2026Series DJinxin Capital (lead); Tsinghua Holdings Capital; Xiang'an Venture Capital; SZMAC; HongShan$15M-Kunshan GCL Optoelectronic Material completed a Series C2 financing round of nearly RMB200 million, with China Cinda Asset Management and SAIF Partners co-leading the round. The C2 round followed the earlier C1 financing, which raised nearly RMB500 million and included HongShan among the participants. Together, the Series C financing was intended to fund the company’s gigawatt-scale perovskite industrial base and accelerate commercialization of perovskite modules. The financing comes as GCL Optoelectronics advances industrialization of its perovskite solar technology, including a gigawatt-scale manufacturing facility in Kunshan, Jiangsu, and broader plans to scale commercial module production. HongShan’s participation in the earlier round indicates continued backing from major growth investors alongside strategic and local industrial capital. The company’s funding trajectory suggests an emphasis on moving from R&D toward mass production and market deployment. GCL Optoelectronics is a perovskite optoelectronic technology company under GCL Technology Holdings, focused on perovskite solar materials and modules. It has been building a gigawatt-scale production line in Kunshan and has also outlined expansion ambitions including commercialization of perovskite products and, according to later reporting, broader strategic plans such as IPO preparation and overseas expansion.
Jun 2025Series CKunshan Gaoxin Jituan; Jinshi Investment; SAIF Investment Fund; Hanyang Capital; China Cinda Asset Management; HSG$28M-GCL Optoelectronics, a subsidiary of Hong Kong-listed GCL Technology Holdings (HKEX: 3800), is a perovskite optoelectronic technology company focused on next-generation solar cell manufacturing. The company has developed perovskite tandem solar modules achieving certified efficiency of 29.51% at industrial scale and has deployed an AI-powered high-throughput manufacturing system designed to reduce lab-to-factory conversion time by up to 90%. In November 2024, GCL Optoelectronics completed its Series C2 financing round, raising approximately 200 million yuan jointly from Cinda Asset Management and SAIF Partners, building on earlier Series C1 funding that included investors such as Jinshi Investment, Kunshan High-tech Group, Sequoia China, and Hanyang Capital. The capital was allocated toward building Kunshan's gigawatt-scale perovskite tandem module production line, with the facility commissioned in June 2025 as the world's first commercial gigawatt-scale perovskite module manufacturing facility. GCL's tandem modules deliver an estimated 50% higher theoretical efficiency, 20% lower cost, and over 50% reduced carbon footprint compared to conventional crystalline silicon modules. The company is positioned as the largest perovskite producer globally through its joint ventures and has obtained commercial certification for practical applications of perovskite technology.
Dec 2024Series CGoldStone Investment (lead); Kunshan Gaoxin Jituan; Hanyang Capital; HSG$69M-GCL Optoelectronics (Kunshan GCL Optoelectronic Materials), a perovskite optoelectronic technology company under GCL Technology Holdings, focuses on developing perovskite tandem solar modules, achieving efficiencies like 19.04% on large-area single-junction modules verified by the China National Institute of Metrology. The company completed a Series C1 round in late 2024, raising nearly RMB 500 million (about USD 68.7-69 million), led by Goldstone Investment with participation from Kunshan High-Tech Group (HSG), Hanyang Capital, and others including HongShan (Sequoia China). Funds supported construction of a GW-level perovskite tandem production line in Kunshan, Jiangsu, which broke ground in December 2023 and began production in June 2025. This C1 round followed GCL Technology's planned 700 million yuan investment announced in May 2024 for a 500 MW initial phase of the perovskite-silicon stacked module plant, targeting operation by mid-2025 amid industry challenges like oversupply and losses in traditional PV. A subsequent Series C2 round in July 2025 raised nearly CNY 200 million (USD 27.5-28 million), co-led by China Cinda Asset Management and SAIF Partners, completing the full Series C with prior C1 investors. C2 proceeds advanced industrialization, R&D, and commercialization of full-size (1.2m x 2.4m) high-efficiency perovskite tandem modules at the Kunshan High-Tech Zone base, envisioned as a global R&D and industry ecosystem hub aiming for hundred-billion-yuan output. Parent GCL Technology reported 2024 operating income of 1.51 billion yuan (down 55%) and net loss of 475 million yuan, while affiliate GCL System Integration had 16.24 billion yuan operating income. The rounds underscore perovskite as a next-gen PV solution, with Lighthouse Capital as financial advisor across Series C.
Dec 2022Series BHSG (lead); IDG Capital (lead); Temasek (lead); Longwater Investment$72M$430MGCL Optoelectronics Materials is a subsidiary of China's GCL Group focused on perovskite solar technology development and manufacturing. The company operates a gigawatt-level manufacturing base in Kunshan High-Tech Zone, Jiangsu province, which broke ground in December 2023 and officially began production on June 24, 2025. In July 2025, the company completed a C2 financing round, raising nearly CNY 200 million ($27.5 million), co-led by China Cinda Asset Management and SAIF Partners. The C1 round had included investors such as Goldstone Investment, Kunshan Gaoxin Group, Sequoia China, and Hanyang Capital, with Lighthouse Capital serving as financial advisor. Proceeds from the full Series C round support industrial-scale deployment and research into perovskite solar technology.

Who has invested in GCL Optoelectronics?

15 investors have backed GCL Optoelectronics across its funding rounds, including HSG, Kunshan Gaoxin Jituan, Hanyang Capital, IDG Capital, Temasek and Tsinghua Holdings Capital.

Lead investors include Jinxin Capital, GoldStone Investment, HSG, IDG Capital and Temasek.


GCL Optoelectronics Investors

Investors in GCL Optoelectronics by funding rounds participated
InvestorHQRoundsRoleFirst check
HSGHong KongHong Kong3LeadDec 2022
Kunshan Gaoxin JituanChinaSuzhou2ParticipantDec 2024
Hanyang CapitalChinaShanghai2ParticipantDec 2024
TemasekSingaporeSingapore1LeadDec 2022
Tsinghua Holdings CapitalChinaBeijing1ParticipantAug 2026
GoldStone InvestmentChinaBeijing1LeadDec 2024
IDG CapitalChinaBeijing1LeadDec 2022
Xiang'an Venture CapitalChinaXiamen1ParticipantAug 2026
Jinshi InvestmentChinaBeijing1ParticipantJun 2025
SAIF Investment FundChinaBeijing1ParticipantJun 2025
Jinxin CapitalChinaChina1LeadAug 2026
SZMACChinaSuzhou1ParticipantAug 2026
China Cinda Asset ManagementChinaChina1ParticipantJun 2025

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GCL Optoelectronics Competitors

GCL Optoelectronics competitors include listed companies like Sterling and Wilson and Energiekontor, and private ones like Suzhou Kerun New Materials, Xingchen New Energy, Battery Smart and Chestnut Carbon.

Public and private companies comparable to GCL Optoelectronics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Suzhou Kerun New MaterialsChinaSuzhouPrivate--$435M-
Xingchen New EnergyChinaBeijingPrivate$145M-$435M3.0x
Sterling and WilsonIndiaIndiaPublicly listed$787M($15M)$437M0.7x
Battery SmartIndiaGurgaonPrivate$18M-$450M25.0x
Chestnut CarbonUnited StatesNew York City, NYPrivate--$450M-
EnergiekontorGermanyGermanyPublicly listed$193M$99M$406M2.7x

GCL Optoelectronics Public Comps

GCL Optoelectronics is still privately-owned, but its public comps include Sterling and Wilson, Energiekontor, Lydia Yeşil Enerji, Gevo, Kalyon Güneş Teknolojileri, Aydem Yenilenebilir Enerji, NYAB, Akfen Yenilenebilir Enerji, IC Enterra and Zephyrus Wing Energies.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Sterling and Wilson$787M($15M)0.7x0.7x(37.6x)15.3x
Energiekontor$193M$99M3.5x2.7x6.8x8.0x
Lydia Yeşil Enerji$1M-367.9x---
Gevo$161M$7M3.2x2.7x71.7x10.7x
Kalyon Güneş Teknolojileri------
Aydem Yenilenebilir Enerji$265M$75M3.1x2.2x11.0x5.7x
NYAB$630M$41M0.8x0.7x12.3x9.8x
Akfen Yenilenebilir Enerji$119M$61M6.5x4.6x12.7x8.4x

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Common questions about GCL Optoelectronics

When was GCL Optoelectronics founded?GCL Optoelectronics was founded in 2019.
Where is GCL Optoelectronics headquartered?GCL Optoelectronics is headquartered in Kunshan, China.
Is GCL Optoelectronics publicly listed?No, GCL Optoelectronics is a private, VC-backed company.
What is GCL Optoelectronics' valuation?GCL Optoelectronics was last valued at $430M in its Series B in December 2022.
How much funding has GCL Optoelectronics raised?GCL Optoelectronics has raised $183M across 4 funding rounds.
What was GCL Optoelectronics' last funding round?GCL Optoelectronics' last funding round was a $15M Series D in August 2026, led by Jinxin Capital.
Who are GCL Optoelectronics' investors?GCL Optoelectronics' investors include HSG, Kunshan Gaoxin Jituan, Hanyang Capital, Temasek, Tsinghua Holdings Capital, GoldStone Investment, IDG Capital, Xiang'an Venture Capital, Jinshi Investment, SAIF Investment Fund and 5 others.
Which companies are comparable to GCL Optoelectronics?Companies comparable to GCL Optoelectronics include Suzhou Kerun New Materials, Xingchen New Energy, Sterling and Wilson, Battery Smart, Chestnut Carbon and Energiekontor.

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