SVolt Energy Technology, a China-based energy storage and battery technology developer spun off by carmaker Great Wall Motor, completed a RMB10.28bn ($1.58bn) series B round on Friday backed by consumer electronics manufacturer Xiaomi.
Heavy equipment manufacturing company Sany also took part in the round, which was led by Bank of China Group Investment, a subsidiary of financial services firm Bank of China.
Unnamed sub-funds of the National Fund for Technology Transfer and Commercialization, Country Garden Venture Capital, Shenzhen Capital, CCB Investment, IDG Capital, Oceanpine Capital, China Renaissance, SDIC and JZ Capital contributed to the round, together with unnamed new and existing backers.
SVolt is working on solid-state, cobalt-free car batteries and artificial intelligence-powered smart manufacturing technology. It was created by Great Wall Motor in 2012 and spun off in 2018.
Bank of China Group Investment and CMG-SDIC Fund Management co-led a $541m series A round in February 2021, with participation from Beijing Financial Street Capital Operation Centre, Changzhou Venture Capital Group, ZJU Jiuzhi Investment Management, IDG Capital, Cathay Capital and HT Capital.
CMG-SDIC Fund Management had invested $141m for a 12.2% stake in April 2020.
