(Yicai Global) Sept. 27 -- Lihao Semiconductor Materials, a Chinese photovoltaic materials startup, has secured CNY2.2 billion (USD307 million) in its latest financing round.

Changjiang Securities Innovation Investment, a unit of power producer China Three Gorges, China-US Green Fund, Oceanpine Capital, and existing shareholders, including IDG Capital, took part in the Series B fundraiser, the Qinghai province-based firm said on its WeChat account today.

The proceeds will be used to build the second phase of Lihao’s high-purity crystalline silicon project, it said. Expected to have an annual capacity of 200,000 tons once all three phases are completed, the project has total investment of CNY18 billion (USD2.5 billion). The first phase was put into operation last month. Some of the funds raised will also go on research and development.

With China promoting its carbon neutrality goal, the country’s installed PV capacity is expected to exceed 1,200 gigawatts by 2030 from 350 GW, creating huge demand for high-purity crystalline silicon, Lihao noted.

Founded in April last year, Lihao completed a Series A financing round last December. PV giant Chint Group, PV equipment maker Jingsheng Mechanical and Electrical, and IDG Capital invested in the company at that time.

Editor: Futura Costaglione