Elon Musk's team investigates the photovoltaic industry chain! Listed companies respond intensively

February 4, Shanghai Securities Journal reporters confirmed from multiple sources in the photovoltaic industry chain that Elon Musk’s team recently visited China to inspect the photovoltaic industry chain. “They came with two groups—one from SpaceX and Tesla to examine space scene industry chains, and another to look at ground industry chains. So they looked at different technical routes. The space scene team examined heterojunction and entire line equipment. The ground scene team also looked at TOPCon,” said a person from a heterojunction photovoltaic company to Shanghai Securities Journal.

On February 4, GCL Group, Jinko Energy, TCL Zhonghuan, and Gaocao Co., Ltd. previously confirmed to the media that they had been in contact. However, Jing Sheng Electric, Shuangliang Eco-Energy, and Jinko Energy disclosed abnormal movements after market close, warning of related risks.

Photovoltaic Industry Chain Companies Confirm Contact with Musk’s Team

On the evening of February 4, Shanghai Securities Journal learned from a person close to GCL Group that on February 4, Elon Musk’s China team visited GCL Group, and both sides discussed cooperation intentions regarding polysilicon and perovskite. GCL Group has R&D centers for polysilicon and perovskite in the U.S., and has plans to build production capacity for these in the U.S. in the future.

On the evening of February 4, Jinko Energy issued an abnormal movement announcement stating that market rumors suggested Musk’s team recently visited several Chinese photovoltaic companies in secret, and the company had contacted the Musk inspection team. Verified so far, the company has not engaged in any cooperation with the team, nor signed any framework or formal agreements, and has no current orders.

Gaocao Co., Ltd. confirmed to the media that the company had indeed interacted with Musk’s team but clarified that no cooperation has been reached yet. When asked about specific timing, methods, and potential cooperation content, the company said it could not disclose more details.

A person involved in the industry told Shanghai Securities Journal that Musk’s team’s visit was very comprehensive, covering the entire photovoltaic industry chain from top to bottom, including visits to equipment suppliers like Maiwei Co., Ltd., and also inspecting heterojunction battery manufacturers.

Shanghai Securities Journal learned that on the morning of February 4, during a photovoltaic listed company exchange organized by a securities firm, an investor asked Jing Sheng Electric about the progress of Musk’s team “factory inspection.” A relevant person from Jing Sheng Electric said they could not currently discuss North American clients.

If Musk plans to build new photovoltaic capacity, equipment procurement is normal. But why is his team inspecting battery and module companies? Is there a possibility of cooperation?

An industry insider specializing in heterojunction technology said that currently, the U.S. photovoltaic industry—from upstream silicon materials and equipment to products—lags behind China to some extent, and capacity ramp-up is needed. Before Musk’s photovoltaic capacity production begins, some verification work with battery companies might be required.

Multiple Companies Warn of “Space Photovoltaic” Investment Risks

After market close on February 4, some listed photovoltaic companies issued abnormal movement notices, warning investors that space photovoltaic remains in the early stages of industry development and that investment risks should be noted.

Jinko Energy announced that “space photovoltaic” is still in the preliminary technological exploration stage, with uncertain technical routes and no concrete feasible projects yet. As of now, the company’s main business products still focus on ground photovoltaic fields, and it has no orders related to “space photovoltaic,” which has not affected the company’s operating performance. The company also pointed out that the photovoltaic industry is currently undergoing a deep adjustment period due to a phase of supply-demand imbalance, and investors should be aware of potential risks from this deep adjustment.

Jing Sheng Electric announced that recent capital market attention to concepts like “space photovoltaic” has been rising, and related sectors are showing high market enthusiasm. Currently, “space photovoltaic” applications are still in the exploration stage, and industrialization faces uncertainties. The company’s main business includes silicon wafers, batteries, modules, and auxiliary materials like quartz crucibles and diamond wire. As market attention to the photovoltaic sector increases, it may indirectly influence investor expectations for the company’s future business expansion. Investors should fully understand the risks of the stock market, avoid blindly chasing market hot topics, make cautious decisions, and invest rationally to avoid investment risks caused by concept hype.

Shuangliang Eco-Energy announced that it has not recognized revenue related to commercial space projects in the past two years, and future related business development remains uncertain. The company’s main products related to the photovoltaic industry include polysilicon reduction furnaces, monocrystalline silicon, and high-efficiency photovoltaic modules. “Space photovoltaic” is still in technological exploration and ground verification stages, with significant uncertainties in commercialization pathways, cost structures, and in-orbit operation systems. It has not yet formed a scalable industrial closed loop and currently does not contribute substantively to the company’s performance.

Elon Musk Builds U.S. Domestic Photovoltaic Capacity

Elon Musk recently expressed strong support for space photovoltaic at the Davos Forum and disclosed key capacity plans, aiming for SpaceX and Tesla to achieve an annual solar energy manufacturing capacity of 100GW within the next three years.

Many companies believe Musk’s move aims to break free from China’s photovoltaic manufacturing constraints.

Currently, Chinese photovoltaic companies still face policy barriers when entering the U.S. domestic manufacturing market. At the above-mentioned exchange, a photovoltaic equipment company told investors: “Some Chinese companies’ capacity in the U.S. can’t be fully operational because they can’t get subsidies. The apparent capacity for modules in the U.S. exceeds 40GW, but in reality, less than 20GW is operational. The U.S. wants to cultivate its own photovoltaic capacity.”

Regarding whether Musk’s plan to build 100GW of new photovoltaic capacity will impact the existing market, the equipment company believes the impact will be limited, as these capacities are likely mainly for Musk’s own companies rather than supplying the external photovoltaic power generation market like mainstream companies.

The industry insider also said that there is currently no sign of Musk entering the traditional photovoltaic market, and since the company does not currently cover the U.S. market, the impact is expected to be minimal.

(Source: Shanghai Securities Journal)