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Shanghai Electric Subsidiary, Shanghai Electric Energy Storage Technology, Receives RMB400 Million in Series A Financing, Accelerating Development of Its Energy Storage Business
News provided byShanghai Electric
Sep 19, 2023, 11:57 PM ET
SHANGHAI, Sept. 19, 2023 /PRNewswire/ -- Shanghai Electric Energy Storage Technology, the energy storage subsidiary of Shanghai Electric (SEHK:2727, SSE:601727), recently received RMB400 million in Series A financing that will be used to inject added vitality into the development of its energy storage business. It will focus on promoting the research and development of new systems, promoting its industrial supply chain structure, construction of 100Mbps stacks that can be used in megawatt container-type vanadium redox flow battery (VRFB) energy storage systems, deepening industrial cooperation, accelerating industrial upgrades, and effectively stabilizing its access to capital.
This round of financing will be used to continue to improve corporate governance mechanisms, strengthen talent support, and enhance R&D and innovation capabilities. Once the financing has been completed, the post-investment valuation of Shanghai Electric Energy Storage will exceed 2.2 billion yuan.
"Moving forward, Shanghai Electric Energy Storage Technology will continue to solidify its development positioning and step up as a global leader in long-term electrochemical energy storage," said Jin Xiaolong, Vice President of Shanghai Electric Group. "Specifically, we must strengthen technological innovation and realize the transformation of our technological achievements, deploy 100-megawatt projects, and strengthen leadership of demonstration projects, as well as collaboration in the energy storage industry."
After over a decade of developing world-class technology and three years of rapid industrialization, Shanghai Electric Energy Storage Technology clearly stands out in the field of long-term energy storage, achieving functional product development, reliable manufacturing, and intelligent operations and maintenance. The kW-level and MW-level flow battery energy storage products independently developed and produced by the company can be widely used in new energy power generation and grid connection, grid-side energy storage, distributed smart microgrids, and other fields. It has successfully developed 5kW/25kW/32kW/65kW series stacks and delivered more than 50 vanadium redox flow battery (VRFB) energy storage projects.
To date, Shanghai Electric has established the development strategy, specifying its orientation towards "4 plus 2" emerging fields supported by advanced technologies with a focus on "wind-solar-hydrogen-storage" integration, and will also focus on the industrial directions of industrial intelligence equipment to achieve efficient integration of resources. The professional fields of energy storage technology companies will supplement and strengthen Shanghai Electric's continued rapid strategic development.
With this newfound financial backing, Shanghai Electric Energy Storage is laser-focused on propelling the research and development of groundbreaking systems, expanding their production lines, and spearheading the construction of 100-megawatt projects. Additionally, the company aims to forge deeper industrial collaborations and expedite the industrial upgrading process, solidifying its position as an industry frontrunner.
Looking ahead, Shanghai Electric Energy Storage is already setting its sights on launching a Series B financing campaign in 2024. Furthermore, the company anticipates initiating the listing process on the esteemed Science and Technology Innovation Board in 2026, further cementing its position as an industry leader.
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SOURCE Shanghai Electric
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