Huasun Energy Chairman and CEO Jimmy Xu, representing one of the world’s leading heterojunction (HJT) solar PV technology companies, participated in an exclusive interview with TaiyangNews Managing Director Michael Schmela during the TaiyangNews SNEC Solar Leadership Conversations 2025 at SNEC 2025. In the discussion, Xu shared insights into the company’s strategic direction amid uncertain times and outlined its technology roadmap.
TaiyangNews: A lot has happened since last year. The situation remains challenging for the global solar PV industry with overcapacity and downward pressure on prices. Yet the market has continued to grow. How has Huasun been managing this situation?
Jimmy Xu: Over the last year, we have seen a major shift in the solar market. Capacity has surged beyond demand, prices have dropped sharply, and we are facing an unprecedented oversupply. But I believe this also presents an opportunity because solar technology is advancing rapidly. These breakthroughs are our best way to overcome today's challenges. From my perspective as a tech professional, the big changes in the solar market over the past year aren’t really a crisis. This is a transformation. We are shifting from an era dominated by scale to one driven by technology and superior energy generation products. Those who adapt quickest to the new age will be the ones who thrive.
Thanks to ongoing technological innovation, even in an era that was once dominated by PERC and is now shifting towards other mainstream technologies, Huasun’s HJT technology has achieved significant growth. In 2024, our shipments doubled compared to 2023, and we expect shipment volumes to double again in 2025.
I believe this underscores Huasun’s ability to survive and thrive because we rely on continued tech innovation to sustain our business.
TaiyangNews: Huasun reached a cumulative capacity of 10 GW at the end of last year, and shipped 6 GW in 2024. It aims to grow this year as well. On the other hand, there are companies that are operating at a much bigger scale. Looking at the economies of scale, how can you compete in this regard?
Jimmy Xu: That's an excellent question. It's true that Huasun is smaller than some of the major industry leaders, but our strength lies in technological innovation, boosting efficiency, and cutting costs. First, we made history as the world's 1st manufacturer to ship 700 W models, followed by 730 W. We are gearing up to launch 750 W and higher power modules.
We consistently deliver the highest efficiency products in the market. Second, we lead the industry in mass production breakthroughs. We were the first company to scale 100-micron wafers, the first to adopt silver coating copper paste in production, and the first to introduce copper-based metallization at scale.
Over the past few years, we have driven countless innovations to raise efficiency at lower costs. We also vertically integrated from wafer drawing to cell and module assembly, consolidating 4 key production steps to streamline our costs.
Finally, we established a collaborative HJT innovation platform, or the club, in the past 2 years. Through this alliance, we joined forces with partners to reduce supply chain costs and enhance technological development. That's how, with under 20 GW of capacity while the entire HJT industry hovers below 30 GW, Huasun achieves TOPCon-like production costs, and this year, we expect to reach parity thanks to our collective innovation and cost optimization strategy.
TaiyangNews: Huasun is a leader with highest power ratings and efficiencies for HJT modules. According to the TaiyangNews TOP SOLAR MODULES Listing, Huasun leads the HJT commercial module efficiencies for quite some time. Compared to the bigger companies, Huasun also leads in R&D. What’s your secret in R&D to maintain leadership in HJT technology?
Jimmy Xu: First, we have a technology-driven leadership team. Our entire management deeply understands HJT. Starting with my own technical background, from day one, we set an ambitious goal to produce the world's best PV product with top efficiency, lowest cost, strongest reliability and minimum carbon footprint.
We define clear targets for each of these 4 pillars and made out a vigorous multi-year R&D roadmap to stay. Secondly, even as a startup company, we prioritize innovation with over 400 R&D professionals across production and R&D centers.
We consistently invest more than 5% of our revenue into R&D. Thirdly, we pioneered the first-ever HJT collaborative innovation platform, bringing OEMs, material and equipment suppliers, universities, and research institutes to conduct joint trials at Huasun. Over the past 4 years, nearly all breakthroughs, including new devices, materials, processes, and concepts, have been validated here. This open innovation ecosystem ensures we lead the industry together.
By combining a visionary leadership team, steady R&D investment, and collaborative innovation, Huasun remains far ahead in HJT technology.
TaiyangNews: At The smarter E/Intersolar Europe 2025, Huasun revealed some interesting product innovations based on zero busbar (0BB) architecture, including the Kunlun series with ultra-high bifaciality approaching 100%, optimized for vertical PV projects. It was also a finalist for The smarter E AWARDS. How do you see the potential of vertical PV?
Jimmy Xu: Last October, I posted in my WeChat moments that the vertical solar PV market would become the largest in the future. Few believed it back then, but now many do. First, let's look at Europe. If just 1% of agricultural land in Europe were used for PV installation, that would amount to over 1,000 GW, more than the total installations in the past 20 years, and China's potential is even greater.
Why are vertical installations so compelling? First, with installations growing rapidly in Europe and China, daytime solar supply often leads to zero or even negative prices at times. Starting this year, China’s solar power market has transitioned to market-based electricity trading, further pressuring midday prices. Vertical systems avoid midday generation peak, and instead shift generation to mornings and evenings, aligning with key usage hours and higher prices, improving profitability.
Secondly, vertical installations open up new value in agriculture and in transport. They enhance farming revenue while complementing electrified transport, making them a smart dual-user solution. That's why we believe vertical PV will be massive in both Europe and China. Over the past 2 years, we have invested heavily in R&D to support this vision. We have launched HJT models with near-100% bifaciality and adopted our 0BB technology.
These are engineered to maximize energy yield at minimal cost, perfectly aligned with current market demand.
TaiyangNews: What’s your view on agri-PV potential as it enables farmers not only to harvest food, but also power? Huasun also recently grid-connected a 100 MW PV project in Shandong Province, and also signed a partner agreement with Next2Sun during Intersolar. What are your business expectations for the untapped potential of agri-PV?
Jimmy Xu: I believe that if Huasun’s bifacial HJT modules are deployed in Chinese agriculture, they could significantly boost rural incomes. On average, Chinese farmers earn about 1,200 RMB/mu from traditional crops, but by installing roughly 25 kW of our module/mu, they could generate about 30,000 kWh annually.
Even at 0.2 RMB/kWh, that's 6,000 RMB in asset-backed income, 5x their current earnings. This setup allows farmers to continue growing crops while dramatically increasing income, solving rural income challenges effectively.
The same logic applies in Europe. Farmers there similarly plant bifacial agrivoltaic modules alongside crops and realize much bigger revenue.
That's why I see vertical bifacial modules as the perfect agriculture solution, maximizing solar yield and addressing rural income simultaneously.
TaiyangNews: HJT is an interesting product as it is very versatile, making it attractive for the residential segment, but with high efficiency, it also suits the utility segment. Where do you think it fits best? Where can it play out its advantages the most?
Jimmy Xu: There are 2 major advantages of HJT. First, because of its high bifacial gain, low temperature coefficient and superior conversion efficiency, HJT modules deliver the lowest LCOE across all PV applications. From residential rooftops to commercial and utility-scale systems, this means customers get the best possible return on their investment.
Second, not everyone notices this, but HJT modules have a significantly smaller embodied carbon footprint compared to conventional TOPCon modules. HJT can reduce carbon emissions by up to half. As solar deployments and production continue to scale, minimizing the carbon footprint during both manufacturing and operation becomes increasingly important.
In short, HJT excels both economically and environmentally, offering top-tier cost efficiency and sustainability in today's solar market.
TaiyangNews: When it comes to next-generation technologies, all companies are trying to differentiate and many of them are working now on tandem technology. Recently, Huasun also exhibited the prototype of a full-size HJT perovskite tandem module with 800 W. Can you shed some light on your perovskite activities? When will we see such a product becoming available in the markets, and what obstacles do you need to cross by then?
Jimmy Xu: We have three labs in Xuancheng. The 1st one is a perovskite tandem lab. The 2nd one is a 1 MW trial line. The 3rd one is a 100 MW pilot line. Right now, our 100 MW pilot line is running. We can produce tandem cells and modules continually.
This year, we will ship out some trial modules to our customers for outdoor testing, but we think that we won’t sell them directly. We think we still need some time to test it fully for reliability and repeatability. So only after 2 years of outdoor testing, when we are convinced that it is a safe and perfect product, then we'll sell it to a customer.
I think that will be around the year 2027 or 2028. Then we can send in the tandem module with a GW level. That's our timeline.
TaiyangNews: Super, this would be still earlier as a lot of people are thinking about 2030 or later. So if you come out in 2028, that would be early. Now final question. If we see each other again next year at SNEC, if you look into the crystal ball, how do you think the market would have changed and what would have changed at Huasun?
Jimmy Xu: First, we'll provide the higher efficiency module to the world. After 12 months, we can provide the 760 W module to the world with close to 25% efficiency. Secondly, we think the vertical application will be larger and larger, maybe go to the GW-level. Thirdly, we see a trend towards global acceptance for HJT, and a lot will be produced in China. We will see a lot of HJT factories built all over the world – from Europe to Turkey to India, and America, as more and more HJT factories are under construction. I think Huasun will have to find a way to find more partners in the world for our product and technology to be used in more countries.
Solar will become stronger in a year from now, and some companies will disappear during that period, but what will be left will be stronger and stronger and the solar future will be better.
The complete interview with Jimmy Xu is available on the TaiyangNews YouTube channel.
TaiyangNews is hosting its annual PV System Technology Trends virtual conference to explore the latest solar product innovations introduced at the world’s leading solar trade shows, SNEC and Intersolar. Registrations for the 2-day event, on June 24 and 26, 2025, are free and can be done here.
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