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Chinese electric vehicle battery maker SVOLT closes $ 1.6 billion B Series round led by BOCGI

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Chinese electric vehicle battery maker and storage solutions provider SVOLT Energy Technology raked in 10.28 billion yuan ($ 1.6 billion) in a Series B cycle just five months after completing its big cycle of series A.

The new round was led by Bank of China Group Investment (BOCGI), a direct investment arm of Bank of China (BOC) incorporated in Hong Kong.

Other investors include the compartments of the Chinese National Fund for Technology Transfer and Commercialization, Country Garden Venture Capital, Shenzhen Capital Group, CCB Investment, IDG Capital, Sany Heavy Industry, Xiaomi Corporation, Oceanpine Capital and China Renaissance, among others. . Existing shareholders, including SDIC and JZ Capital, were raised in the round.

Investors were “extremely excited” to embark on the Series B cycle, SVOLT chairman and CEO Yang Hongxin said at the cycle signing ceremony in a company statement.

SVOLT was launched in 2012 as part of Chinese automaker Great Wall Motors and then became the company’s battery business unit at the end of 2016 before separating from the parent company in 2018 to become an independent company. .

Based in Jiangsu Province, east China, the company specializes in high-speed stacking processes, cobalt-free batteries, long-life solid-state batteries, and skilled intelligent manufacturing. for the automotive industry based on artificial intelligence (AI). It has seven R&D centers in Japan, South Korea, United States, India, as well as Wuxi, Baoding and Shanghai, China.

The company has more than 3,100 employees, including 1,400 R&D professionals. It plans to spend a total of more than 26 billion yuan ($ 4 billion) on building new factories around the world by 2025, according to its website.

The proceeds will fund the company’s R&D on new technologies and the construction of new factories in Europe, as well as in Chinese cities such as Changzhou, Suining, Huzhou, Ma’anshan and Nanjing. Its production capacity is expected to exceed 200 GWh in 2025.

The Series B funding round is the largest funding SVOLT has raised to date. The funding follows the company’s Series A in February, when it secured 3.5 billion yuan (about $ 541.7 million) led by BOCGI and Chinese private equity (PE) firm CMG- SDIC Fund management.

Previously, the startup had closed 1 billion yuan (154.8 million dollars) as part of a strategic investment by the management of the CMG-SDIC fund in April 2020. The round table valued SVOLT at 8.2 billion yuan ($ 1.3 billion).

Yang said SVOLT is building a carbon footprint system, which aims to track and manage the company’s total greenhouse gas emissions, to help it meet carbon neutrality goals and development requirements. sustainable.

As one of the largest fundraisers for a private company in China, the deal underscored investor confidence in the future potential of China’s electric vehicle battery market. The market has become a strategic industry thanks to the government’s commitment to dramatically reduce carbon dioxide emissions over the next decades.

China, the world’s largest source of greenhouse gases, aims to become carbon neutral by 2060, President Xi Jinping said last year.

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