Investment firms GGV Capital and Source Code Capital led a $145m Series D round in Sinopont, a Chinese solar cell encapsulation film producer, with participation from CICC Capital and CITIC. "The photovoltaic industry is undergoing tremendous changes. N-type batteries represented by TopCon ushered in the first year of industrialization and began to enter the stage of explosive growth in mass production, which also put forward higher requirements for photovoltaic packaging films. Among them, POE films can better adapt to new batteries such as TopCon and ensure long-term use of components because of its low water vapor transmittance and better durability, thus having a broad market space," Wu Fan, Source Code Capital Managing Director.