SVOLT Energy Technology Co., Ltd., an EV battery manufacturer, held a B Round Financing Transaction Ceremony in Changzhou, Jiangsu on July 28, 2021. Following the completion of A Round Financing of RMB 3.5 billion ($US 538 million) at the end of February this year, the company rapidly closed this third round of market-based equity funding, raising a total amount of RMB 10.28 billion ($US 1.58 billion) in less than five months.
This round of financing was led by Bank of China Group Investment (BOCGI), followed by the Sub-funds of National Fund for Technology Transfer and Commercialization, Country Garden Venture Capital, Shenzhen Capital Group(SCGC), CCB Investment, IDG Capital, Sany, Xiaomi Corporation, Oceanpine Capital, CHINA RENAISSANCE among others. Original shareholders, including SDIC and JZ Capital, significantly increased their holdings.
In his speech at the signing ceremony, Yang Hongxin, the Chairman and CEO of SVOLT, said, “the subscription atmosphere for this round of funding was extremely enthusiastic. SVOLT has secured 25 sales points from domestic and international mainstream automobile manufacturers, including Great Wall Motors, Geely Automobile, Dongfeng Motor, PSA, SF Motors, ENOVATE, Leap Motor and Hozon Auto. Over 10 models powered by SVOLT’s battery system have been announced, including the new model ORA Cherry Cat powered by SVOLT’s cobalt-free battery, and will soon be on the market in mass production.”
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