On 22 November 2023, GCL System Integration Technology Co., Ltd. (GCLSI, SZ：002506), a leading one-stop renewable energy service provider, has announced its intention to issue a maximum of 1.755 billion company shares to 35 designated investors, with the aim of raising up to 4.842 billion yuan in funds. The money will be used to support the production of high-efficiency solar cells in Wuhu City, China, as well as to supplement working capital.

This solar cell manufacturing project is the second phase of GCLSI’s investment in Wuhu City, with a total budget of 3,874,020,000 yuan, of which 3.4 billion yuan will be raised through this share issuance. 1.442 billion yuan will be raised to supplement working capital, after the deduction of fees from the issue.

GCLSI generated an income of 70.783 million yuan from the sales of solar cells in the first half of 2023, representing 1.26% of its overall income. After completing the second phase of the solar cell project, an annual average income of 6.081 billion yuan is estimated. This is anticipated to be a significant increase compared to the income of 8.354 billion yuan in the whole year of 2022.

（Picture: Veer）