Photovoltaic Power Company Xingsheng Nets Tens of Millions in Pre

Aug 19, 2023

EqualOcean has learned that Xing Sheng Energy(Chinese: 兴晟能源), a new energy company of photovoltaic power generation, has recently completed tens of millions of CNY in pre-A round financing.

Xing Sheng Energy was founded in 2020, and its core products are building integrated photovoltaic (BIPV) and high-intensity flexible solar modules (BAPV), BIPV is a sunrise industry in the field of PV new energy, which has enormous development potential. Xing Sheng Energy has complete technical accumulation and innovation in combining crystalline silicon module flexibilization, PV power generation, and building materials. According to the introduction, Xing Sheng has more than 220 patents in R&D process and self-developed equipment, and 20 patents have been declared. The products are compatible with mainstream battery cells in the market, with a power generation efficiency of more than 22% and a yield rate of 95%. In addition to BIPV products, Xing Sheng Energy also provides high-strength flexible modules (BAPV products, mounted photovoltaic modules). Xing Sheng's flexible modules are capable of large-angle bending, impact, and hail resistance; they are mounted using adhesive backing, eliminating the need for the traditional crystalline silicon module mounting system, saving labor and reducing overall construction costs.

In June 2023, Xing Sheng Energy's first production line will land in Lingang Economic Development Zone, Jiangyin City, Jiangsu Province, with a planned total production capacity of 500 MW. 150 MW production capacity will be realized by the end of this year.

Photovoltaic power generation is the use of semiconductor cells to convert solar radiation energy directly into electrical power generation. Xing Sheng Energy Chairman Gu Yu has been engaged in the new energy industry for many years, he said Xing Sheng chose the building photovoltaic track, firstly, based on the country's dual-carbon strategy and the world's major countries of the photovoltaic industry's policy support; secondly, in the context of global warming, the construction industry is a huge consumption of energy! Secondly, under the situation of global warming, the construction industry consumes a lot of energy, and the promotion of photovoltaic building materials can reduce carbon emissions; thirdly, there is enough room for imagination in the trillion-dollar global market scale of architectural PV.

Mr. Gong Limin, CEO of Xing Sheng Energy, said that more than 70% of light steel industrial roofs in China cannot bear the weight of traditional crystalline silicon modules. Xing Sheng's flexible module products can solve this problem. At present, there is no unicorn company in the architectural photovoltaic industry in the world. The future direction of Xing Sheng Energy's products is to develop and produce practical power generation building materials that combine photovoltaic power generation technology with building material specification and design.

The investors in this round of financing include Aplus Capital (Chinese: 洪泰基金), Suzhou Huahui Capital (Chinese: 苏州华晖), Yunhe Capital (Chinese: 云和资本), etc. The proceeds of the financing will be used for the production of PV products. The proceeds from the funding will be used to establish production line bases, high-end equipment enterprises and the establishment of a calcium-titanium ore equipment research institute.