Fusion

What Fusion does

Fusion is a Shanghai-based, publicly listed (SSE: 688503) high-technology enterprise founded in 2015 that develops and manufactures new electronic pastes and silver pastes for the solar cell manufacturing value chain. The company operates as one of only two dominant global suppliers of metallization paste, alongside DKEM (Dongfang Kagaku), giving it a structurally concentrated position at a critical bottleneck in silicon-based solar cell production.

Fusion's product portfolio sits at the metallization step of solar cell fabrication, where paste materials are screen-printed onto wafers to form conductive contacts. The firmographic data indicates breadth across both silver pastes and broader electronic pastes, implying the company serves multiple cell architectures. Its customer base explicitly includes U.S. solar cell manufacturers, indicating active export penetration beyond China and exposure to evolving U.S. trade and clean-energy policy, while its private/public market commentary frames it as a critical node of supply-chain vulnerability in the global solar manufacturing ecosystem.

Business model mechanics are not fully disclosed in the source material — pricing is not publicly disclosed and revenue figures carry significant unit/currency ambiguity. The provided financial table (header labeled in $M but with values that do not reconcile to a typical specialty materials scale) implies directionally expanding revenue, EBITDA, and net income across the 2021-2025 window, alongside an acquisition of Linton Materials in February 2023 and a January 2018 funding round from New Alliance Capital. Inputs also conflate three separate "Fusion" entities (Shanghai metallization pastes; a Canadian radiopharma acquired by AstraZeneca for $2B in March 2024; an Omaha healthcare firm), so any quantitative read of the financials should be treated as directional only and tied to the Shanghai entity.

Name

Fusion

Website

https://fusion-cz.com

Company type

Private

Founded year

2015

Operating status

Acquired

Headcount range

501–1,000 employees

Short description

Fusion is a Shanghai-based, publicly listed (SSE: 688503) high-tech enterprise that develops electronic and silver metallization pastes for solar cell manufacturers, operating as one of two dominant global suppliers alongside DKEM.

Ownership category

akta.pro rank

Product category

Solar Cell Metallization Pastes

NAICS

Nonferrous Metal (except Aluminum) Production and Processing (3314)

SIC

Coating, Engraving & Allied Services (3470)

akta.pro industry

PRIMARYHDAHAGAK

Metallization & Plating Chemicals (Cu/Co/Ru/Barrier & Seed)

Hardware, Technology & Telecom/Semiconductors & Electronic Components/Materials, Wafers & Specialty Chemicals

SECONDARYEUAMAHAA

Solar PV Module & Cell Manufacturing (Crystalline, Thin-Film)

Energy, Utilities & Environment/Renewable Energy (Solar, Wind, Hydro & Geothermal)/Renewable Equipment & Component Manufacturing (Modules, Turbines, Inverters, Towers, Blades)

SECONDARYEUAMABAD

Solar PV Module Manufacturing (Cells, Modules, Thin-Film)

Energy, Utilities & Environment/Renewable Energy (Solar, Wind, Hydro & Geothermal)/Solar Energy (PV, CSP, Rooftop & Utility-Scale)

Keywords

• Silver paste materials
• Metallization pastes
• Solar cell materials
• Electronic pastes
• Photovoltaic materials

Headquarters

HQ city

Shanghai

HQ country

China

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Personnel

Core offering

Fusion is a Shanghai-based high-tech enterprise that manufactures electronic and silver pastes, with a primary focus on metallization pastes used in silicon-based solar cell production. The company is one of only two dominant global suppliers in the solar cell metallization paste market alongside DKEM, supplying critical materials for solar cell manufacturing worldwide.

Product overview

Based on the available source material, limited product and service information is available for Fusion. The sources reference Fusion as a Chinese metallization paste supplier for solar cell manufacturing (alongside DKEM), but no detailed product listings, documentation URLs, or product-specific pages are available in the provided data.

Differentiator

Problem solved

Functional benefit

Products and services

• Solar Cell Metallization Pastes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• DKEMcoreStrategic or Co-development PartnerDKEM (Dongfang Kagaku) and Fusion are described as the two dominant companies in solar cell metallization paste supply globally. Their dominance represents a critical supply chain concentration point for solar cell manufacturing materials worldwide.

Scale indicators3 records

Recent moves4 records

Expansion highlights4 records

Emerging players

• Advanced Nano Products Co., Ltd. Korean specialty materials company with silver paste and conductive paste offerings for solar and display applications. Comparable emerging competitor to Fusion in advanced silver paste chemistries for high-efficiency n-type cell architectures.
• Targray Technology International: Canadian-headquartered solar materials distributor and solutions provider that has built a metallization paste supply program alongside silver/aluminum paste partners for PV cell makers. Touches the same end customer base as Fusion via paste distribution and formulation partnerships.
• Suzhou Good-Ark Electronics: Chinese supplier of electronic pastes and silver-containing conductive materials serving solar and electronics manufacturers. Adjacent peer to Fusion in metallization and conductive paste technology within the China solar supply chain.

Broad incumbents

• Heraeus: German-headquartered precious-metals and materials group with a large silver metallization paste business for crystalline silicon solar cells. A non-Chinese incumbent competing directly with Fusion in global solar paste markets, especially in Europe and the Americas.
• Noritake Co., Limited: Japanese ceramics and materials company with a metallic paste product line for solar and electronic applications. Provides metallization materials serving the same crystalline silicon cell customer base as Fusion.
• Samsung SDI (Cheil Industries / SDI): South Korean electronic materials business including conductive and silver pastes for solar and semiconductor applications. Comparable to Fusion as a broad portfolio materials supplier with metallization paste exposure, particularly for non-Chinese cell manufacturers.
• DuPont: Diversified specialty materials company that supplies metallization and silver-based pastes for solar PV cells within its Electronics & Industrial segment. Overlaps with Fusion's core product in solar front- and back-side silver paste, with a particularly strong position supporting TOPCon and HJT cell makers.

Direct peers

• Daejoo Electronic Materials: South Korean specialty materials supplier of silver and aluminum pastes for solar cells and display applications. Closely comparable in product portfolio to Fusion, with overlap in n-type cell paste chemistries (TOPCon, HJT) and a similar customer profile among silicon cell manufacturers.
• Toyo Aluminium K.K. Japanese manufacturer of aluminum and silver pastes, including metallization pastes used in solar cell production and electronics packaging. Directly comparable to Fusion in paste chemistry and end-application focus on solar PV manufacturing.
• DKEM (Dongfang Kagaku): China-based manufacturer of silver and aluminum metallization pastes for solar cells. Explicitly named alongside Fusion as the other half of the global duopoly in solar cell metallization paste, serving the same silicon-based cell customer base with the same core product.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fusion