VSUN Solar

What VSUN Solar does

VSUN Solar is a Japanese-invested solar photovoltaic module manufacturer headquartered in Tokyo, Japan, with primary manufacturing operations conducted through VSUN Vietnam Sunergy Joint Stock Company in Vietnam. Founded in 2015 and backed by parent company Fuji Solar, the company designs, manufactures, and supplies solar modules to utility-scale, commercial and industrial (C&I), and residential customers across North America, Europe, and Asia, with documented project deployments in the United States, Turkey, the Netherlands, Vietnam, Denmark, Belgium, Austria, Thailand, and Taiwan. Its product portfolio is built around the Vesta family of modules: Vesta N (N-type TOPCon technology with up to 690W output and 22.21% conversion efficiency in mass production), Vesta (mono-facial, up to 21.57% efficiency), Vesta Duo (bifacial with up to 670W output and 85% bifaciality), and Vesta Ultra Black (full black aesthetic modules with 22.77% efficiency for residential rooftop applications).

The company's core technical differentiator is the adoption of N-type TOPCon cell architecture combined with multi-busbar (MBB) circular ribbon interconnection, Hot 2.0 encapsulation for reduced LID/LETID degradation, and bifacial double-glass designs. These features are positioned to deliver 3–4% higher power generation efficiency than P-type PERC modules, BOS cost reduction of 2.1%, and LCOE reduction of 4.6%, alongside a best-in-class temperature coefficient of -0.30%/°C (Pmax). Quality and bankability credentials include BloombergNEF Tier 1 PV Module Manufacturer status (consecutive quarters in 2025–2026), fifth consecutive PVEL Top Performer honor, 2026 Wood Mackenzie Grade A designation, EcoVadis Silver Award 2025 (top 10% globally, upgraded from Bronze in 2021), RETC Overall Highest Achievers Award (second consecutive year), and full ISO 9001/14001/45001/27001 certifications.

VSUN operates a pure B2B hardware sales model, generating revenue exclusively through the manufacture and sale of solar modules rather than software, services, or financing. Go-to-market is enterprise field sales combined with a global logistics network (warehouses and ocean/inland shipping partners spanning multiple continents) and a strong industry-event presence at InterSolar Europe, PV EXPO Tokyo, REI India, and RE+ Las Vegas. Pricing is not publicly disclosed and is handled via direct contact with the sales team. Product warranty terms span 12 years (quality), 25 years (mono-facial), and 30 years (bifacial), and the company has issued quantified operational targets including a 50% reduction in Scope 1 and 2 GHG emission intensity by 2033 against a 2023 baseline of 29,824 tCO2e (with Scope 3 at 67,281 tCO2e).

Name

VSUN Solar

Legal name

VSUN Vietnam Sunergy Joint Stock Company

Website

https://vsun-solar.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

VSUN Solar is a Japanese-invested solar module manufacturer producing N-type TOPCon, bifacial, mono-facial, and full-black PV modules for utility, commercial and industrial, and residential customers globally, with manufacturing in Vietnam and headquarters in Tokyo.

Ownership category

akta.pro rank

Product category

Solar Photovoltaic Modules

NAICS

Semiconductor and Related Device Manufacturing (334413)

SIC

Semiconductors & Related Devices (3674)

akta.pro primary industry

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

akta.pro secondary industries

Solar PV Module & Cell Manufacturing (Crystalline, Thin-Film) (EUAMAHAA), Solar Plant Components Supply & Manufacturing (Modules, Cells, Wafers, Mirrors, Heliostats) (EUACAGAK), Solar Distribution & Wholesale Supply (Channel, Procurement, Logistics) (EUAMABAK)

Keywords

• Solar modules
• Photovoltaic products
• N-type TOPCon technology
• Bifacial solar panels
• Utility-scale solar

Headquarters

HQ city

Higashi-shinagawa

HQ country

Japan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Solar Module Sales: VSUN Solar generates revenue through manufacturing and selling solar photovoltaic modules including mono-facial, bifacial, ultra black, and N-type TOPCon modules for utility, commercial & industrial, and residential applications globally.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

VSUN Solar manufactures and sells N-type TOPCon photovoltaic solar modules under its Vesta product line for utility, commercial & industrial (C&I), and residential solar applications. The company is headquartered in Tokyo, Japan with manufacturing operations in Vietnam, and is invested by Fuji Solar, focusing on high-efficiency bifacial and all-black module designs for global markets.

Product overview

VSUN Solar is a Japanese-invested solar module solution provider headquartered in Tokyo, Japan, offering reliable and efficient solar products and services globally. The product portfolio is organized around the Vesta series, which includes four main module types: Vesta N (N-type TOPCon technology with up to 690W power and 22.21% efficiency), Vesta Ultra Black (full black aesthetic modules with 22.77% efficiency for residential rooftop applications), Vesta (standard mono-facial modules with up to 21.57% efficiency), and Vesta Duo (bifacial modules with up to 670W power and 22.26% efficiency featuring double-glass technology). These products serve Utility, Commercial & Industrial (C&I), and Residential market segments, supported by services including Japanese Quality Management System, customized service, global logistics network, and global supply chain management.

Differentiator

Problem solved

Functional benefit

Brands

• Vesta: Mono-facial modules product line named after Vesta, the ancient Greek goddess who guards the holy fire on the altar, representing lights that brighten up the future.
• Vesta N
• Vesta Duo
• Vesta Ultra Black

Products and services

• Vesta N N-type TOPCon bifacial solar module in the Vesta product line for utility, C&I, and residential PV installations.
• Vesta Ultra Black All-black aesthetic N-type TOPCon module from the Vesta line targeted at residential rooftop and architectural-sensitive applications.
• Vesta Flagship Vesta-series N-type TOPCon module family serving as the umbrella for VSUN's high-efficiency PV offerings.
• Vesta Duo Bifacial dual-glass N-type TOPCon module from the Vesta line, designed to maximize energy yield from both front and rear side irradiance.

Quantifiable outcome

• Up to 22.77% module efficiency
• +4 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• MunichReminorStrategic or Co-development Partner · 13 October 2021VSUN and MunichRe entered into partnership to jointly start into a sustainable future, suggesting collaboration on risk management or sustainability initiatives.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Trina Solar: Vertically integrated PV module manufacturer with an industry-leading TOPCon (Vertex N) product line, competing head-to-head with VSUN's Vesta N series in utility-scale tenders and recognized BNEF Tier 1 with strong bankability.
• LONGi Green Energy: Vertically integrated PV manufacturer from wafer to module and a major TOPCon adopter, competing with VSUN on cost-per-watt and bankability for utility-scale projects globally.
• REC Group: Premium PV module brand (REC Alpha series using HJT/TOPCon hybrids) competing with VSUN's Vesta Ultra Black and Vesta N in higher-margin residential and commercial rooftop segments.
• Canadian Solar: BNEF Tier 1 PV module manufacturer with both module sales and project development arms, directly overlapping with VSUN's module product lines and global utility-scale customer base.
• JA Solar: Top-5 global PV module manufacturer with deep-cell technology including TOPCon, supplying utility, C&I, and residential channels identical to VSUN's three-segment GTM.
• Astronergy (Tongwei Solar): BNEF Tier 1 PV module manufacturer (subsidiary of Tongwei) with vertically integrated cell+module operations, directly competitive in TOPCon modules and utility-scale supply.
• JinkoSolar: The world's largest crystalline-silicon PV module manufacturer and a leader in TOPCon module production, directly competing with VSUN in N-type modules for utility, C&I, and residential markets across the same global geographies.
• Hanwha Q Cells: BNEF Tier 1 PV module manufacturer with global manufacturing footprint and strong utility and residential channels, offering comparable TOPCon and full-black module variants to VSUN.
• Risen Energy: Mid-tier Chinese PV module manufacturer with comparable utility-scale project win profile and a TOPCon product roadmap that directly parallels VSUN's Vesta N offering.

Broad incumbents

• First Solar: Largest US-listed PV module manufacturer producing thin-film cadmium telluride (CdTe) modules rather than crystalline silicon; competes with VSUN for utility-scale tenders in the US and EU but via a differentiated technology and is a much larger incumbent.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/vsun_solar
• Facebookfacebook.com/VSUN-Solar-102896755436028

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about VSUN Solar