Chinese Ev Battery Maker Svolt Scores $943M In Its Third Big Fundraising This Year
12/13/21, 10:42 AM
Money raised
$943 million
SVOLT Energy Technology, an electric vehicle (EV) battery maker and storage solutions provider, has raised 6 billion yuan ($942.8 million) in its third big-ticket fundraising of 2021. The latest round is yet another sign of the heightened interest in China’s rapidly growing EV infrastructure sector.
Company Info
Additional Info
“The company will stick to its plans of increasing investment in R&D and building a global, tech-driven brand. Prior to these deals, the firm had closed 1 billion yuan ($157.2 million) in a strategic investment from CMG-SDIC Fund management in April 2020, giving it a unicorn valuation of 8.2 billion yuan ($1.3 billion). The firm specialises in high-speed stacking process, cobalt-free batteries, long-lifespan solid-state batteries, and artificial intelligence (AI)-enabled automotive-qualified intelligent manufacturing. The firm has over 3,100 employees, including 1,400 R&D professionals. SVOLT was started in 2012 as part of Chinese automaker Great Wall Motors and later developed into the firm’s battery business unit in late 2016 before it spun off from the parent firm in 2018 to become an independently operated company. SVOLT is fortunate to be presented with growing strategic opportunities coming alongside this major global advancement,” said Yang Hongxin, chairman and CEO of SVOLT, in a statement.