SVOLT Energy Technology Co., Ltd., a Beijing, China-based EV battery manufacturer,, raised a total amount of RMB 10.28 billion ($US 1.58 billion) in Series B funding.
The round, which follows the completion of Series A Financing of RMB 3.5 billion ($US 538 million) at the end of February this year, 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, increased their holdings.
The Series B funds will be mainly used for R&D of new technologies and construction of new factories.
Led by Yang Hongxin, Chairman and CEO, SVOLT is an EV battery manufacturer with seven R&D centers in Japan, South Korea, the US, India, Wuxi, Baoding and Shanghai. The company has applied for more than 2,400 patents, including 800 invention patents and 50 PCT international patents and 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 its 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.
SVOLT has also won a large purchase order of 16 billion yuan from Stellantis (a Peugeot-Citroen Automobile and Fiat-Chrysler Automobiles merger), and entered high-end markets in Europe and the US. The company has large orders and will accelerate construction of new bases in Changzhou, Suining, Huzhou, Ma’anshan, Nanjing and Europe to rapidly expand production capacity.
SVOLT’s production capacity is expected to exceed 200GWh in 2025.