Tesla's Procurement of Chinese Photovoltaic Equipment? Several Manufacturers Respond: "We Will Follow Disclosure Standards"

Securities Times Reporter Liu Canbang

Elon Musk’s space photovoltaic story is still fermenting. On the morning of March 20, there were rumors that Tesla plans to purchase $2.9 billion (about 20 billion RMB) worth of photovoltaic manufacturing equipment from China, with Chinese companies including Laplace involved in negotiations for Tesla’s solar projects. Subsequently, media verified this information with a certain photovoltaic company, which responded that the related contract scale is at the gigawatt level.

At noon on March 20, the Securities Times reporter called several photovoltaic equipment companies to inquire whether they have related cooperation with Tesla. Most responded that they would refer to publicly disclosed information.

“Regarding Tesla and space photovoltaics, both the market and regulators are paying close attention,” a representative from a photovoltaic equipment manufacturer told the reporter. The company has indeed received orders from North American clients, but due to business confidentiality and other reasons, they did not disclose specific client names. “If the orders meet the disclosure standards, we will definitely fulfill our disclosure obligations. We must comply with relevant regulations, and we hope investors understand.”

Additionally, the reporter learned from relevant sources that Tesla has indeed researched domestic photovoltaic equipment suppliers for space energy supply for commercial rockets. Earlier, the surveyed companies included a polysilicon reduction furnace supplier and an HJT battery equipment manufacturer.

According to Elon Musk’s statement at the Davos Forum earlier this year, Tesla and SpaceX will each build 100 GW of photovoltaic capacity in the United States within three years. Against this backdrop, the A-share market experienced a wave of enthusiasm for space photovoltaics at the beginning of the year.

Since late last year, several listed companies have accelerated their布局 in the space photovoltaic field. For example, JunDa Co., Ltd. reached a strategic cooperation agreement with Shangyi Optoelectronics, planning to invest in Shangyi Optoelectronics as a strategic shareholder. The two sides will deeply integrate industry and scene resources, focusing on the application of perovskite battery technology in space energy, and establish a collaborative mechanism in technology R&D, in-orbit verification, industrialization, and application scenarios.

Moreover, JunDa has also signed “Capital Increase Agreements” and “Shareholder Agreements” with Xingyi Xineng and its founding team, as well as other related parties, planning to invest 30 million RMB in cash to subscribe for 461,539 RMB of new registered capital of the target company, acquiring 16.6667% equity. In the future, the company plans to further establish a joint venture with Xingyi Xineng for the production of CPI membrane and crystalline silicon battery integrated products, and these matters are exclusive.

In related research, JunDa stated that space energy solutions are currently in rapid iteration and evolution, and no fixed technical or structural model has been formed. The industry mainly features small-scale, low-power personalized solutions. The company’s core plan is to lead the formulation of national and industry standards in perovskite and crystalline silicon tandem technology, aiming for global application once standards are established. At this stage, solving battery power and cost issues is critical. The company will leverage its strong technical accumulation and core advantages to support the large-scale implementation and commercialization of future space energy solutions.

ST Jingji (ST Beijing Machinery) indicated in their research that they believe space photovoltaics is an important and forward-looking application direction for perovskite technology. The core needs are to make batteries lighter, thinner, and more flexible, as well as to withstand the extreme environment of space. The company has already made technical preparations in this area, such as developing winding equipment for flexible production and vertical deposition equipment suitable for ultra-thin glass coating, to meet future space photovoltaic requirements for weight, foldability, and reliability.

ST Jingji also revealed that the company has successfully delivered photovoltaic module equipment to multiple clients in the North American market. These clients include Chinese-funded enterprises with factories in the U.S., as well as Fortune 500 companies and well-known local photovoltaic manufacturers.

However, it should be noted that while photovoltaic manufacturers race to ride the space photovoltaic fast track, regulators are also trying to cool down the concept, preventing hype around space photovoltaics from manipulating stock prices. This information has been confirmed by sources from related companies. In fact, Shuangliang Energy Conservation has already been investigated for disclosure violations related to this matter.

(Edited by: Wang Zhiqiang HF013)

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