Photon Crystal Energy Completes RMB 160 Million Series A Round and Will Build a 100 MW Pilot Line

Photon Crystal Energy uses a fully printed technology based on slot-die coating. Like printing presses in the past, this approach is expected to enable low-cost, efficient, and rapid production of perovskite modules and help accelerate the adoption of perovskite technology.

By Zhang Yichi

Edited by Su Jianxun

36Kr Carbon has learned that perovskite module company Photon Crystal Energy has completed a RMB 160 million Series A financing round. The round was co-led by China Reform Strategic Emerging Industries Fund and Qiming Venture Partners, with participation from SPIC Ronghe Asset, CICC Chuanyu Phoenix Fund, and Dayone Capital. Existing investors Sinovation Ventures and Dingxiang Capital also made follow-on investments. The financing will be used mainly to build a 100 MW perovskite pilot line, continue technology R&D, optimize processes, and improve overall module performance.

Photon Crystal Energy is a perovskite module company that 36Kr Carbon has followed closely. Its core team has a strong technical background and is among the earliest research groups in the world working on perovskite industrialization. CEO Professor Huang Fuzhi has published more than 150 papers in leading journals such as Science and Nature, with more than 10,000 citations. Since returning to China in 2015, Professor Huang has focused on perovskite cell industrialization technology, developing a proprietary perovskite ink printing technology and publishing a Science paper as the sole corresponding author.

As the perovskite industry develops, multiple companies have begun building pilot lines and launching demonstration projects, moving toward industrialization.

Through its early accumulation, Photon Crystal Energy has developed a complete set of mass-production technologies for perovskite PV, especially its proprietary ink formulation technology and stability enhancement technology. These technologies are compatible with different material systems, cell structures, and module sizes, and can meet the needs of different application scenarios. The company uses a fully printed process with high material utilization, high production efficiency, and significant room for cost reduction.

On why the company focuses on printing technology to scale perovskite module production, Huang explained to 36Kr Carbon that more than a century ago, during the Industrial Revolution, printing presses helped newspapers and books spread widely and rapidly with simple processes and efficient production. In today's energy revolution, Photon Crystal Energy uses fully printed technology based on slot-die coating and is expected to achieve a similar effect: producing perovskite modules at low cost, efficiently, and quickly, helping perovskite technology spread rapidly.

Source: company image, slot-die coating printer.

Solving the large-scale industrialization challenge for perovskite PV modules depends on balancing photoelectric conversion efficiency (PCE), area, and stability. Compared with crystalline silicon modules, the theoretical cost of scaled perovskite cell module production is lower, and improving square-meter-scale module PCE is the industry's top priority. In the laboratory, spin-coated small perovskite cells have reached a record PCE of 26%, but the forming area is generally less than 1 square centimeter and material utilization is only 3%, making the process unsuitable for large-scale production. Compared with large-area crystalline silicon modules with PCE above 20%, the industry is still working toward 16%-18% PCE for square-meter-scale perovskite modules, making it difficult to gain a cost advantage per watt.

Since its founding in 2022, Photon Crystal Energy has improved its proprietary perovskite ink formula to ensure crystallization consistency during large-area module manufacturing, improving PCE and exceeding expected targets. Since building its 10 MW pilot line last November, the company has achieved its design goals and verified the feasibility of the large-area, high-efficiency perovskite printing route.

Photon Crystal Energy has completed the design of its 100 MW pilot line. With the Series A financing completed, the company will begin line construction in the second half of this year and is expected to open another round of financing in the same period. The company expects to commission the pilot line, ramp capacity, and launch pilot demonstration projects in 2024, with mass production targeted for 2025.

Regarding this financing round, Qiming Venture Partners Executive Director Chen Nan said: "Increasing the share of clean energy through photovoltaic power generation has become a global consensus. After years of effort, China's PV companies now lead the world and have successfully built another 'global local market.' The perovskite PV cell technology route is widely recognized by the industry as having greater potential. We believe the next-generation perovskite PV companies that can lead the world will inevitably emerge in China. Professor Huang Fuzhi's Photon Crystal team has focused on this field since the early stage of perovskite technology and has always been committed to industrialization, making it one of the most promising perovskite startups in the industry. Qiming Venture Partners is highly optimistic about the team's productization and commercialization potential over the next few years and is willing to work with the company to help advance the maturity of China's perovskite industry."

Tong Xuanzi, head of CICC Chuanyu Phoenix Fund, said: "China's energy structure transformation requires a substantial increase in the share of clean-energy power generation. As the 'third-generation technology' for photovoltaic power generation, perovskite has broad development prospects. From a macro industrial development perspective, China has enormous market demand, scaled manufacturing capacity, a complete industrial chain, and strong talent reserves, providing fertile ground for perovskite development. We believe the Photon Crystal team led by Huang Fuzhi can continue to achieve breakthroughs, help the PV industry further improve efficiency and reduce costs, and contribute to China's early achievement of its dual-carbon goals."

Yang Ning, partner at Dayone Capital, said: "Photon Crystal Energy is an outstanding perovskite team that Dayone Capital has followed for a long time. The team has contributed unique R&D thinking and process methods across multiple key industrialization links. The Photon Crystal team works extremely well together, bringing both leading scientists deeply rooted in research and continuously producing results in top global journals, and industrialization leaders with years of experience in mature PV companies. The team has also produced impressive achievements through years of accumulation and is now at a critical moment of industrial scale-up. Dayone Capital is pleased to join hands with Photon Crystal at this time to jointly promote the development of the PV industry and the high-quality development of green energy."

Zhang Ying, partner at Sinovation Ventures, said: "As an angel-round investor, Sinovation Ventures is pleased to continue supporting Professor Huang's team in advancing pilot line construction through this Series A financing. We have seen the team's solid progress over the past year in the mass-production process for perovskite modules and its sufficient technical preparation for pilot line construction. We are optimistic about the team's R&D and process capabilities and look forward to Photon Crystal Energy strongly advancing next-generation PV technology and striving to stand at the forefront of global technology."

Cover image authorized by the company.