(Yicai Global) Dec. 14 -- Chinese solar module maker GCL Optoelectronic Materials has secured CNY500 million (USD72 million) in its latest fundraiser headed by Sequoia Capital China and IDG Capital.

Temasek Holdings, Longwater Investment, and GCL Optoelectronic’s largest shareholder GCL Technology Holdings also took part in the Series B+ financing round, Securities Times reported today, citing a recent announcement by the Kunshan-based company. Lighthouse Capital advised on the fundraiser.

The proceeds will be used to refine the process and equipment development for GCL Optoelectronic’s 100-megawatt large perovskite module production lines, the report added.

Founded in December 2019, GCL Optoelectronic focuses on the research, development, and production of perovskite solar energy modules one meter per two meters. With its 100 MW production lines it hopes to become a key player in the global perovskite modules market.

Perovskite is a mineral that can be used to refine titanium, niobium, and rare earth elements. Solar cells using perovskite as light-absorbing materials, known as new concept solar cells, have obvious advantages in photoelectric conversion efficiency and are relatively simple to produce.

Editor: Futura Costaglione