Recently, TSUN has successfully raised over RMB 150 million in strategic Series B funding. With IDG Capital leading the current round, this marks the second round of funding for TSUN in 2023, following an investment from Hidden Hill Capital in February.
IDG Capital, a pioneer in venture capital in China since 1993, boasts a profound understanding and foresight across various industries, including photovoltaic solar energy, new energy vehicles, energy storage, and hydrogen power.
The funds raised in this round will primarily be allocated to the construction of automated production lines, expansion of production capacity, technological iteration of core products such as microinverters, and the development of the supply chain. Additionally, funds will be used in the expansion of domestic and international business channels, further solidifying and expanding TSUN's influence in the PV industry.
Established in 2019, TSUN focuses on the innovative research and development of microinverters and energy storage products. With the mission of "More Safety, More Power," TSUN aims to provide safe and efficient PV solutions for a low-carbon and eco-friendly lifestyle.
In the dynamic PV industry, addressing industry pain points and keep differentiating are long-term challenges for companies. In 2020, TSUN introduced the concept of the world's first high-power single-phase microinverter TITAN series. This innovation combines competitive cost advantages with low voltage, high efficiency, and module-level monitoring, addressing three major pain points in the PV industry: safety, power generation efficiency, and operations and maintenance.
TSUN's microinverter product currently includes the Gen3, Gen3 Plus, and TITAN series, covering power ranges from 300W to 3000W.
Furthermore, TSUN pioneered the "household" application of microinverters, creating the Easy Solar Kit, a plug-and-play balcony solar system suitable for various installation scenarios. TSUN consistently adheres to a clear direction of product innovation, aiming to make PV products more accessible to every family, facilitating the realization of the dream of "becoming clean energy producers".
So far, TSUN has reached cooperation with several tier-one companies in the industry, enabling channel sharing. TSUN has also established distribution channels in rapidly growing markets like Europe, South America, and the Asia-Pacific region. It has set up several subsidiaries and offices, creating a comprehensive market operations system, sales service network, and after-sales service system to better meet customer needs.
With strong support from the Suzhou High-Speed Rail New City, TSUN will commence the construction of its self-owned facility at the end of this year. The new facility, expected to be operational by 2025, will span 50,000 square meters and will house multiple automated production lines and assembly lines, resulting in a 500% increase in production capacity. In terms of product development, TSUN plans to iterate on high-power microinverters by 2024, aiming to enhance its application in the industrial and commercial sectors.
Cora Su, who is in charge of TSUN's financing, stated that TSUN will adhere to a long-term strategy, leveraging the company's leading advantages in technology research and development, integrated innovation, and industry resources. “We will enrich the product line, accelerate product iteration, establish competitive advantages, and upgrade the company's intelligent core, empowering the green transformation of low-carbon energy."