According to Shanghai Securities News, Kunshan GCL Optoelectronic Materials Co., Ltd. (“GCL Optoelectronics”), a subsidiary of GCL Group, announced on August 3 that it has successfully completed a D1 financing round exceeding RMB 100 million.

The round was led by Jinxin Capital, with participation from Sequoia China, Xiang’an Venture Capital, Suzhou Asset Management and other investors. The newly raised funds will primarily be used to support the commercial delivery of GCL Optoelectronics’ perovskite products for ground-based photovoltaic power plants, as well as the validation of space-based photovoltaic applications.