Photovoltaic Enterprises Flock Into Commercial Aerospace

Photovoltaic companies are expanding into space, and their vision is no longer limited to solar panels themselves.

On the evening of March 23, private rocket company Beijing Yushi Space Aerospace Technology Co., Ltd. (referred to as Yushi Space) announced the completion of a 200 million RMB Pre-A+ round of funding, which will be used for rocket assembly testing, rapid recovery technology validation, capacity building, and team development.

According to JiJie News, this commercial aerospace company, established less than two years ago, has investors including Xinwei Venture Capital, a related party in the photovoltaic industry.

The Tianyancha app shows that Xinwei Venture Capital is officially known as Suzhou Xinwei Venture Capital Partnership (Limited Partnership), with its major shareholder being the leading photovoltaic equipment company Maiwei Co., Ltd. (300751.SZ), which holds a 45% stake.

A few days ago, industry rumors suggested that Tesla is seeking to purchase $2.9 billion (about 20 billion RMB) worth of photovoltaic manufacturing equipment from Chinese suppliers, with Maiwei Co. being one of the main suppliers. Elon Musk’s solar power plans are primarily aimed at powering Tesla and SpaceX satellites.

Maiwei has not publicly responded to the authenticity of this order. However, from its strategic movements, the company has already entered the commercial aerospace supply chain through investments.

As Musk ignites a space photovoltaic boom, besides Maiwei, many photovoltaic companies are accelerating their entry into the commercial space sector, with some directly participating in space projects.

JiJie News has learned that more than one photovoltaic company has participated in the latest round of financing for Yuanxin Satellite, including leading component manufacturers.

Yuanxin Satellite is one of China’s two major low-earth orbit constellation operators and is the main entity building and operating the Qianfan constellation. On March 10, Yuanxin Satellite announced a pre-disclosure of a capital increase project, but did not disclose the amount or purpose.

Meanwhile, industry insiders from the supply chain have revealed that many photovoltaic companies are engaging with various types of commercial space enterprises, especially in the satellite sector, seeking potential investment opportunities.

“Many new energy companies are looking for related projects,” an industry insider told JiJie News. During the most active phase of commercial space development a few months ago, some participants were just a step behind, and high-quality core investment shares were already unavailable.

Currently, as competition intensifies in the ground photovoltaic industry, companies are increasing their investments in the aerospace sector to seize the growing space photovoltaic market, further aligning with national strategies for commercial space and new energy, and opening a long-term secondary growth curve.

According to JiJie News, JunDa Co., Ltd. is currently the most deeply and directly involved photovoltaic enterprise in the aerospace sector. It is also one of the earliest companies in the industry to venture into commercial space.

Last year, JunDa (002865.SZ) partnered with satellite battery company Shangyi Optoelectronics. Earlier this year, JunDa announced a subscription of 30 million RMB for equity in Xingyi Core Energy, and later established an aerospace space technology company, further extending into the commercial space field.

In February, JunDa acquired a 60% stake in Xuntian Qianhe, marking a more explicit cross-industry move. Public information shows that Xuntian Qianhe is located in the G60 Space Internet Industry Base in Songjiang District, Shanghai, with its technical team entirely sourced from the China Academy of Space Technology, possessing experience in developing nearly a hundred commercial satellites.

Earlier, wind power leader Goldwind Technology (002202.SZ), through its wholly owned subsidiary, held 14.9084 million shares of Blue Arrow Aerospace, accounting for 4.1412% of the company.

Overall, including photovoltaic and other new energy companies, most are extending into the aerospace sector mainly through participation in space energy projects, focusing on technology adaptation and scene validation.

For example, wind power leader Mingyang Smart Energy (601615.SH) plans to acquire Dehua Chip to enter the gallium arsenide space solar cell and flexible battery fields. Shanghai Port Harbor (605598.SH) and Orient Sunshade (300118.SZ) have signed strategic cooperation agreements, focusing on the research, development, and industrialization of “perovskite + p-type HJT cell stacking technology,” promoting diverse applications and commercialization of space energy.

(Article source: JiJie News)