China Wanxiang Holdings, an industrial conglomerate, has reportedly entered into a $1.25bn partnership with coal conversion company GreatPoint Energy.
Part of the tie-up involves a $420m series D round, according to news provider VentureWire, which it said on Friday was the largest investment by a Chinese corporation into a US company quoting affiliated data provider VentureSource.
The company raised $100m in series C financing in 2007 which was co-led by Sustainable Development Investments (SDI), a unit of Citi Alternative Investments, part of the US bank, as well as The Dow Chemical Company, and also included US-based power company AES Corporation, US-based energy company Suncor Energy, and several unnamed financial firms.
It had previously raised in 2006 $30m in series B financing from Kleiner Perkins Caufield & Byers and Khosla Ventures, with participation from venture firms Advanced Technology Ventures and Draper Fisher Jurvetson, which led the company’s $7m series A round in 2005, the year the company was founded/
China Wanxiang Holdings produces about one-third of the world’s auto parts and gains about 20% of its revenue from energy-related business, according to VentureWire.