Maxwell Raises $273 Million for China Perovskite Tandem Equipment Build-out

• Maxwell Technologies will issue CNY 1.97 bn convertible bonds to fund a three-year project that mass-produces perovskite-silicon tandem cell equipment in Suzhou and Xuancheng.

China’s high-end PV-equipment champion Maxwell Technologies is tapping capital markets again—this time to bankroll the leap from heterojunction (HJT) to perovskite-silicon tandem production lines.

The Suzhou-listed firm said it will issue up to CNY 1.97 billion (USD 273 million) in six-year convertible bonds, with 100 % of the proceeds earmarked for its Perovskite Tandem Solar Cell Equipment Industrialization Project. The total investment budget is CNY 2.14 billion, so the bonds will cover roughly 92 % of required spending, with the balance funded from cash reserves.

Two-site footprint

The project spans three years and two manufacturing hubs:

• Suzhou, Jiangsu – home to Maxwell’s R&D centre and the March 2024-opened pilot line for HJT-perovskite tools.

• Xuancheng, Anhui – a lower-cost, inland city earmarked for large-scale machining and system assembly.

Once complete, the twin plants will turn out 20 full sets of tandem-cell production equipment every year, enough capacity to enable 4-5 GW of module output, depending on customer line design.

Why it matters

• Technology pivot: With HJT lines now commoditising, Maxwell is racing to stay ahead of Chinese peers by offering turnkey gear for next-generation tandem cells that promise efficiencies above 30 %.

• Market pull: Developers from Tongwei to LONGi have public road-maps to deploy large-area perovskite-silicon tandem modules after 2026, creating a multi-billion-dollar equipment refresh cycle.

• Domestic resilience: Beijing’s latest industry plan targets 100 GW p.a. of high-efficiency cell output based on perovskite or tandem formats by 2030; local tooling champions are expected to capture at least 70 % of that spend.

Funding optics

Convertible bonds give Maxwell breathing room without immediate dilution, while offering investors upside if the company hits its growth targets. The notes will list on Shenzhen’s ChiNext board and convert into A-shares after a two-year lock-up.

From pilot to production

Maxwell broke ground on its first perovskite-HJT equipment fab in Wujiang District, Suzhou last March, an event that signalled its determination to pivot beyond screen-printing lines. That 2024 project, budgeted at RMB 5.4 billion, laid the process know-how now being scaled in the new bond-financed scheme.

CEO Ding Yi called tandem technology “the next S-curve for solar manufacturing” and said fresh funds ensure Maxwell “remains the preferred supplier when commercial roll-out begins.” Analysts at Guotai Junan estimate domestic demand for tandem tooling could reach CNY 50 billion by 2028, with Maxwell well placed to secure a double-digit share.

If timelines hold, the first production machines from the new lines will ship in late 2026—just as China’s big module makers start upgrading factories for ultra-high-efficiency perovskite-silicon products.