Huasun Energy Valuation, Funding & Investors

Huasun Energy is valued at $1.5B as of November 2023.

Last Huasun Energy valuation

$1.5B

Series C · Nov 2023

Last Huasun Energy funding round

$277M

Series C · Nov 2023

Cumulative funding Huasun Energy raised

$629M

across 3 funding rounds

Key investors in Huasun Energy

  • Puhua Capital
  • Hefei Industry Investment Group
  • Hongtai Fund
  • Hidden Hill Capital
  • Wuxi Capital
  • Bank Of China

Huasun Energy Overview

About Huasun Energy

Huasun Energy is a Hefei-based solar technology company that manufactures high-efficiency heterojunction solar cells and modules. Established in 2017, the firm pioneered industrial-scale production of HJT technology and supplies products to global photovoltaic projects. Huasun Energy operates production facilities in Anhui province and exports to markets in Europe and Asia. Its TaoTan module series supports utility-scale solar farms and distributed generation systems.


Founded

2020

HQ

ChinaHefei

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$1.5B (Nov 2023)

Huasun Energy Valuation

Huasun Energy is currently valued at $1.5B, based on its Series C in November 2023.

The $277M round was led by China Green Development Investment Group, with participation from China Xinxing Asset Management, Originvest, Bank Of China and China Post.

Huasun Energy's valuation has grown 1.0x from $1.4B at its Series B in January 2023 to $1.5B in November 2023, across 3 priced rounds.

Huasun Energy valuation by funding round

Huasun Energy valuation by funding round
DateStageValuation
Nov 2023Series C$1.5B
Mar 2023Series B$1.4B
Jan 2023Series B$1.4B

Huasun Energy Funding History

Huasun Energy has raised a total of $629M across 3 funding rounds.

Huasun Energy's first fundraising round was a $295M Series B in January 2023. The most recent completed round was a $277M Series C in November 2023.

Huasun Energy funding rounds

Huasun Energy funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2023Series CChina Green Development Investment Group (lead); China Xinxing Asset Management; Originvest; Bank Of China; China Post$277M$1.5BHuasun Energy is a China-based developer of advanced solar photovoltaic hardware, specializing in heterojunction technology (HJT) solar modules that stack crystalline and amorphous silicon for higher efficiency, power output, and lifespan. The company also develops tandem HJT-perovskite cells and produces modules for utility-scale, commercial, industrial, and residential applications. In February 2024, Huasun announced an agreement to supply 1.2 GW of HJT cells to a clean energy solutions provider. Huasun's most recent VC funding was a November 2023 Series C round raising $274.6M to $274.81M, led by China Green Development Investment Group with participation from investors including Bank of China, China Post, China Xinxing Asset Management, and Originvest. The round brought total funding to approximately $748.5M over four deals, with a post-money valuation of $1.5 billion USD. Earlier rounds included a $125.0M Series A and others totaling $291.1M and $57.9M. By end-2024, Huasun achieved an annual output value of RMB 7.6 billion in Xuancheng (10% YoY growth) and contributed 5,100 local jobs, while shipping 6 GW in 2024 after reaching 10 GW cumulative capacity. Production capacity hit 20 GW for HJT cells, maintaining industry leadership since 2021, with module power advancing from 475W to 750.54W and cell efficiency from 24.5% to over 26%. Huasun leads in HJT commercialization amid industry growth projections, with HJT cell market share expected to rise from 2.6% in 2023 to 34.3% by 2030 per CPIA. The company focuses on cost parity with TOPCon through innovation alliances, targeting 760W modules at nearly 25% efficiency and emphasizing green production, including reduced carbon footprints and 59.07 MW rooftop solar deployment in 2024.
Mar 2023Series BHongtai Fund (lead)$58M$1.4BHuasun Energy is a Chinese manufacturer of heterojunction (HJT) solar modules, founded in July 2020 with facilities in Dali (Yunnan), Wuxi (Jiangsu), and Hefei (Anhui). The company specializes in HJT technology, which sandwiches a crystalline silicon cell between thin-film silicon layers to boost efficiency and energy output. In its Series B round announced on January 19, 2021, Huasun raised over CNY2 billion (USD295.1 million), led by a new materials fund of China National Building Material Group, with participation from Guolian Jintou Zhiyuan Jiangsu Private Equity Fund Management, Chuanghe Xincai Manufacturing Sector Transformation and Upgrading Fund, Hidden Hill Capital, Dayone Capital, Hefei Industry Investment Group, Puhua Capital, and others. Funds were allocated primarily to expand production capacity for HJT solar cells and modules and to increase R&D spending, with the company's valuation reaching close to CNY10 billion (USD1.5 billion).
Jan 2023Series BChina National Building Material (lead); Puhua Capital; Wuxi Capital; Dayone Capital; Hefei Industry Investment Group; Hidden Hill Capital; Chuanghe Xincai Manufacturing Sector Transformation and Upgrading Fund; Jintou Zhiyuan$295M$1.4BHuasun Energy, founded in July 2020 and based in Anhui province, China, specializes in developing and manufacturing heterojunction technology (HJT) solar modules, which combine crystalline silicon with thin-film silicon layers to boost efficiency, power output, and module lifespan. The company operates production facilities in Dali (Yunnan), Wuxi (Jiangsu), and Hefei (Anhui), targeting utility-scale, commercial, industrial, and residential solar applications. On January 19, 2023, Huasun closed its Series B funding round, raising over CNY2 billion (approximately USD295 million), with its post-money valuation reaching close to CNY10 billion (USD1.5 billion). The round was led by a new materials fund affiliated with China National Building Material Group (CNBM). Other participants included Chuanghe Xincai Manufacturing Sector Transformation and Upgrading Fund, Guolian Jintou Zhiyuan Jiangsu Private Equity Fund Management, Hidden Hill Capital, Dayone Capital, Hefei Industry Investment Group, Puhui Capital, and Wuxi Capital. Existing shareholders also participated, supporting continued growth. Huasun plans to allocate the proceeds primarily to expanding heterojunction solar cell and module production capacity while boosting research and development. The company has pursued advancements like tandem HJT-perovskite cells for higher efficiency. By late 2024, it reported an annual output value of RMB7.6 billion in Xuancheng with 5,100 jobs, alongside ESG efforts reducing HJT module carbon footprint to 366.12 kg CO₂eq/kWp and deploying 59.07 MW of internal rooftop solar for 177 million kWh renewable consumption. A later Series C occurred in November 2023.

Who has invested in Huasun Energy?

14 investors have backed Huasun Energy across its funding rounds, including Puhua Capital, Hefei Industry Investment Group, Hongtai Fund, Hidden Hill Capital, Wuxi Capital and Bank Of China.

Lead investors include China Green Development Investment Group, Hongtai Fund and China National Building Material.


Huasun Energy Investors

Investors in Huasun Energy by funding rounds participated
InvestorHQRoundsRoleFirst check
China Xinxing Asset ManagementChinaChina1ParticipantNov 2023
Puhua CapitalChinaHangzhou1ParticipantJan 2023
Wuxi CapitalChinaWuxi1ParticipantJan 2023
OriginvestCyprusCyprus1ParticipantNov 2023
Dayone CapitalChinaBeijing1ParticipantJan 2023
Hefei Industry Investment GroupChinaHefei1ParticipantJan 2023
Hongtai FundChinaShenzhen1LeadMar 2023
China Green Development Investment GroupChinaBeijing1LeadNov 2023
Hidden Hill CapitalChinaShanghai1ParticipantJan 2023
Chuanghe Xincai Manufacturing Sector Transformation and Upgrading FundChinaXiamen1ParticipantJan 2023
Jintou ZhiyuanChinaNanjing1ParticipantJan 2023
Bank Of ChinaChinaBeijing1ParticipantNov 2023

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Huasun Energy Competitors

Huasun Energy competitors include listed companies like Econergy, Birlesim Grup Enerji, B.Grimm Power and Dorchester Minerals, and private ones like Ansaldo Energia and Nova Fusion.

Public and private companies comparable to Huasun Energy
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
EconergyUnited KingdomUnited KingdomPublicly listed$11M($64M)$1.5B-
Ansaldo EnergiaItalyLiguriaPrivate--$1.5B-
Birlesim Grup EnerjiTurkeyTurkeyPublicly listed$31M$15M$1.5B-
Nova FusionChinaShanghaiPrivate--$1.5B-
B.Grimm PowerThailandThailandPublicly listed$1.7B$399M$1.5B3.2x
Dorchester MineralsUnited StatesUnited StatesPublicly listed$153M$124M$1.5B-

Huasun Energy Public Comps

Huasun Energy is still privately-owned, but its public comps include Econergy, Birlesim Grup Enerji, B.Grimm Power, Dorchester Minerals, Natural Resources, CropEnergies, Infortar, North Atlantic Energies, SK Gas and CleanMax.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Econergy$11M($64M)205.8x-(34.8x)-
Birlesim Grup Enerji$31M$15M50.6x-103.3x-
B.Grimm Power$1.7B$399M3.4x3.2x14.3x13.3x
Dorchester Minerals$153M$124M9.1x-11.2x-
Natural Resources$202M$159M7.1x-9.1x-
CropEnergies$5M($41M)270.8x1.1x(35.0x)12.2x
Infortar$2.1B$287M1.3x-9.3x-
North Atlantic Energies$13B($36M)0.2x-(64.3x)-

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Common questions about Huasun Energy

When was Huasun Energy founded?Huasun Energy was founded in 2020.
Where is Huasun Energy headquartered?Huasun Energy is headquartered in Hefei, China.
Is Huasun Energy publicly listed?No, Huasun Energy is a private, VC-backed company.
What is Huasun Energy's valuation?Huasun Energy was last valued at $1.5B in its Series C in November 2023.
How much funding has Huasun Energy raised?Huasun Energy has raised $629M across 3 funding rounds.
What was Huasun Energy's last funding round?Huasun Energy's last funding round was a $277M Series C in November 2023, led by China Green Development Investment Group.
Who are Huasun Energy's investors?Huasun Energy's investors include China Xinxing Asset Management, Puhua Capital, Wuxi Capital, Originvest, Dayone Capital, Hefei Industry Investment Group, Hongtai Fund, China Green Development Investment Group, Hidden Hill Capital, Chuanghe Xincai Manufacturing Sector Transformation and Upgrading Fund and 4 others.
Which companies are comparable to Huasun Energy?Companies comparable to Huasun Energy include Econergy, Ansaldo Energia, Birlesim Grup Enerji, Nova Fusion, B.Grimm Power and Dorchester Minerals.

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