I'm LongbridgeAI, I can summarize articles.Star Market Daily, 22nd: Recently, RenShine Solar (Suzhou) Co., Ltd. (hereinafter referred to as “RenShine Solar”) announced the completion of its Series B financing round exceeding RMB 100 million, with full settlement achieved.
This round was led by the Jiangsu Provincial Strategic Emerging Industry Fund, with follow-on investments from Suzhou Venture Capital Group, Huanghai Financial Holdings Group, Changshu Guofa Venture Capital, Changshu Economic Development Holding, Shanda Investment, and Jinyu Maowu.
According to the company, the funds from this round will be primarily used for the planning and construction of subsequent production lines and the R&D of core technologies for space photovoltaics, promoting the optimization of mass production processes, capacity expansion, and validation of space applications. Changshu Economic Development Holding continued to increase its investment in this round.
Previously, RenShine Solar completed a Pre-A financing round of hundreds of millions of yuan in 2022 and announced the completion of an A-round financing of hundreds of millions of yuan in 2024. Investors included Zhongke Advanced, Sealand Securities, Hengtong Group, Yida Capital, and Changshu Economic Development Holding. At that time, the financing was mainly used for the upgrade and operation of a 150MW perovskite production line. The use of funds in this round has further extended to the construction of subsequent production lines and R&D for space photovoltaics.
According to data from Cailianshe Venture Connect—Zhizhong, using October 2026 as the forecast baseline, the probability of RenShine Solar securing further financing in the next two years is estimated at 86.55%. This data is merely a model estimate and does not represent actual financing results.
Founded in late 2021 and headquartered in Changshu, Jiangsu, RenShine Solar is primarily engaged in the R&D and manufacturing of perovskite photovoltaic cells and modules. The company operates in the cell and module segments of the photovoltaic industry chain, with products targeting application scenarios such as ground power stations, commercial and industrial rooftops, and building-integrated photovoltaics (BIPV), while also developing photovoltaic devices suitable for space environments.
The founder and chairman, Tan Hairen, is a professor at Nanjing University who has long been engaged in research on new photovoltaic materials and tandem solar cells, having studied and conducted scientific research at Delft University of Technology in the Netherlands and the University of Toronto. Co-founder Shen Chengyong has experience in the management and operation of photovoltaic enterprises and previously served as a director at GCL System Integration, among other roles. The team thus combines academic technical research with operational experience in the photovoltaic industry.
In its early stages, the company focused its R&D on all-perovskite tandem technology, which involves stacking perovskite cells with different light-absorption characteristics to improve solar energy utilization efficiency. Upon entering the industrialization phase, RenShine based its operations on the mass production of single-junction perovskite modules, while simultaneously developing perovskite-crystalline silicon tandem, all-perovskite tandem, and flexible products to respectively meet the needs of power stations, buildings, and lightweight applications.
Regarding production lines, the company has built a 10MW R&D pilot line and a 150MW perovskite module mass production line, and initiated the construction of a GW-scale production line in February 2025. According to information disclosed by the company in September 2026, the 150MW production line is operating stably with a product yield rate exceeding 98%, while the GW-scale production line is still under construction. The aforementioned yield rate is based on the company's disclosure methodology, and the production line scale is not equivalent to actual shipment volume.
Compared to efficiency records for small-area cells in laboratories, the performance of commercial-sized modules is more directly related to product delivery. In August 2026, Nanjing University disclosed that a 1.2m x 0.6m perovskite module, prepared by its research team in collaboration with RenShine’s industrialization team, achieved a certified full-area efficiency of 22% and passed the full sequence of reliability tests including IEC61215 and IEC61730. These results mainly address the difficulty of maintaining efficiency and stability when scaling up battery area.
In the terrestrial market, RenShine’s products include standard modules for power stations and rooftops, as well as BIPV modules integrated with building roofs and curtain walls, enabling building components to also generate electricity. The company has carried out demonstration projects in Suzhou, Nanjing, Hefei, Hangzhou, and other locations.
A specific delivery case is the renovation project of the container workshop at the former site of the Shanghai Boiler Works. RenShine disclosed in September 2026 that the rooftop installation using its perovskite modules for this project had been completed, involving the laying of approximately 6,000 modules covering over 4,000 square meters. For the building photovoltaic business, modules must not only meet power generation requirements but also adapt to architectural aesthetics, dimensions, and construction conditions, with delivery methods closer to specific engineering projects.
Another key focus added in this financing round is R&D for space photovoltaics. In May 2026, Nanjing University disclosed that perovskite batteries developed by Professor Tan Hairen’s team in collaboration with RenShine Solar and the Institute of Semiconductors, Chinese Academy of Sciences, had arrived at the China Space Station aboard Shenzhou-23. The plan is to monitor the output performance and degradation of the batteries in the real space environment through extravehicular dynamic service experiments.
These samples had previously undergone ground simulation tests such as electron irradiation, atomic oxygen erosion, high-low temperature cycling, and UV irradiation. On-orbit testing further examines their ability to adapt to long-term space service, providing technical reserves for the energy systems of future satellites and other spacecraft. The progress currently disclosed belongs to application validation and cannot be equated with the bulk commercial delivery of space photovoltaic products.
Simultaneously advancing terrestrial commercialization and space application validation has become a financing direction for some perovskite enterprises.
In August 2026, GCL Optoelectronics, a subsidiary of GCL Group, completed a Series D1 financing round of over RMB 100 million, led by Jinxin Capital, with follow-on investments from Sequoia China, Xiang'an Venture Capital, and Suzhou Asset Management. The company stated clearly that the funds would be used for the commercial delivery of terrestrial photovoltaic power stations and the validation of space photovoltaic applications.
Shuowei Optoelectronics, which focuses more on the aerospace market, announced in May 2026 that it had completed two rounds of financing totaling over RMB 100 million, with the Pre-A1 round led by Qifu Capital. The company specializes in perovskite space photovoltaic battery chips and solar wing products, and after financing, it will focus on advancing ground validation, engineering tests, and space deployment. Unlike RenShine, which expands from terrestrial modules to space applications, Shuowei’s product development is more directly oriented towards the power supply needs of spacecraft.
Meanwhile, traditional photovoltaic enterprises are also promoting the commercialization of perovskite products. TRINA SOLAR disclosed in 2026 that its perovskite-crystalline silicon tandem modules secured their first order from high-end overseas distributed customers. Different from the all-perovskite route, these products add a perovskite light-absorbing layer on top of crystalline silicon cells, attempting to enter the high-end market through higher power generation efficiency.
As more companies enter the module delivery phase, testing standards and product certifications are gradually being improved. The national standard “Photovoltaic Devices Part 12: Measurement Methods for Current-Voltage (I-V) Characteristics of Perovskite Photovoltaic Cells and Modules” will be implemented on March 1, 2027, providing a unified method for performance testing and comparison of different products. Additionally, according to the battery consumption tax policy issued by three departments, perovskite batteries and tandem batteries meeting specified conditions will be exempt from consumption tax from September 1, 2026, to December 31, 2028. To enjoy this preference, enterprises must meet relevant national standards and testing report requirements.
For RenShine, the project delivery of terrestrial modules and the on-orbit validation of space batteries correspond to current market expansion and longer-term product R&D, respectively. The funds from this round will support both paths simultaneously. Future attention can be paid to the progress of the GW-scale production line commissioning, the continuous supply for building and power station projects, and the translation of space test data into product design.