SVolt Energy, a China-based energy storage and battery technology developer spun off by carmaker Great Wall Motor, has received RMB3.5bn ($541m) in series A funding, DealStreetAsia reported today.
Bank of China Group Investment, a subsidiary of financial services firm Bank of China, co-led the round with asset manager CMG-SDIC Fund Management.
The round included Beijing Financial Street Capital Operation Centre, Changzhou Venture Capital Group, ZJU Jiuzhi Investment Management, IDG Capital, Cathay Capital and HT Capital, a private equity vehicle for securities brokerage China’s Haitong Securities.
SVolt is developing solid-state batteries, cobalt-free car battery systems and artificial intelligence-powered smart manufacturing technology.
The company was formed by Great Wall in 2012 and spun off six years later. CMG-SDIC Fund Management paid roughly $141m for a 12.2% stake in April 2020.
The series A proceeds have been earmarked for research and development activities in addition to the expansion of SVolt’s manufacturing capacity.
SVolt plans to begin fundraising for a series B round imminently, according to chairman and president Yang Hongxin, who said some of the investors had wanted to invest more in the series A round. An initial public offering is currently expected to take place in 2022.
