Image: GCL

GCL Technologies, a high-tech leader in granular polysilicon within the global photovoltaic (PV) industry, has signed a strategic financing agreement with Infini Capital, a world-renowned investment institution supported by a Middle Eastern sovereign wealth fund.

Under the agreement, GCL-Tech will raise approximately HK$5.446 billion (US$700 million) through the private placement of about 4.736 billion shares. The newly issued shares will be subject to a six-month lock-up period, further enhancing the security and stability of the company’s shareholding structure.

Funding Allocation and Strategic Goals

According to the announcement, the funds will be allocated across three key areas:

1.Supply-Side Reform – Strengthening financial reserves to support structural adjustments in polysilicon production capacity.

2.Second Growth Curve via Silane Gas – Expanding the company’s leading global silane gas capacity to drive international substitution. The initiative is underpinned by multiple growth factors, including: 

· Rising demand for electronic specialty gases in the semiconductor and integrated circuit industries.

· Transition from TOPCon to BC solar cells, increasing silane consumption.

· Application of silane in solid and semi-solid lithium batteries.

· Higher quality requirements for silane in display panels.   

· Silane gas is positioned to become a new growth engine for GCL-Tech.

3.Capital Structure Optimization – Strengthening the company’s financial foundation and enhancing the competitiveness of its equity structure.

Partnership with Infini Capital

Infini Capital operates dual headquarters in Abu Dhabi, UAE, and Hong Kong, China, managing a diversified portfolio across strategic emerging technologies, artificial intelligence, humanoid robotics, and smart manufacturing. The institution has already deployed over HK$10 billion to support the rapid growth of China’s high-tech enterprises.

Through this collaboration, GCL-Tech and Infini Capital plan to jointly establish a specialized industrial fund aimed at:

· Consolidating inefficient and low-quality excess capacity in the industry.

· Driving market-based acquisitions, specialized restructuring, and technological upgrades.

· Redirecting resources toward high-quality capacity.

· Ending destructive price competition and reducing waste from redundant capacity.

· Promoting value creation and building a healthy, sustainable, and orderly PV ecosystem.

GCL-Tech emphasized that the partnership reflects a shared commitment to collaborative growth, industry optimization, and sustainable development.