(Yicai Global) Jan. 19 -- Huasun Energy, a Chinese manufacturer of powerful solar modules, has gained more than CNY2 billion (USD295.1 million) via its Series B round of financing, led by a fund of a state-backed building materials giant.

Huasun will use the funds mainly to expand its production capacity of heterojunction solar cells and modules while increasing its research and development spending, the Anhui province-based firm, whose valuation is now close to CNY10 billion (USD1.5 billion), announced on its WeChat account today.

HJT, the latest trend in solar panels, combines two technologies, sandwiching a crystalline silicon cell between two layers of thin-film silicon, to increase efficiency and energy output.

Huasun's Series B fundraiser was led by a new materials fund of China National Building Material Group. It also attracted investments from Guolian Jintou Zhiyuan Jiangsu Private Equity Fund Management, Xiamen-based Chuanghe Xincai Manufacturing Sector Transformation and Upgrading Fund, Hidden Hill Capital, a PE platform backed by GLP, Dayone Capital, and many others.

Multiple existing shareholders such as Hefei Industry Investment Group and Zhejiang province-based Puhua Capital also joined the round.

Founded in July 2020, Huasun develops and manufactures HJT solar modules. It has facilities in Dali in Yunnan province, Wuxi in Jiangsu, and Hefei in Anhui.

Editor: Emmi Laine, Xiao Yi