Xi’an-headquartered JD Energy has raised 700 million yuan ($99.8 million) in a Series B round led by Goldstone Investment, a subsidiary of China’s largest brokerage Citic Securities.
A slew of institutional investors including Jinyi Capital, GF Xinde Investment, GL Ventures, Huajin Capital, Ori-mind Capital, Shang Capital, as well as Hong Kong-listed Vongroup have participated in the round.
Existing backers including IDG Capital and Source Code Capital re-upped in the round.
The firm will use the proceeds to boost production capacity and ramp up R&D, according to a release published by GL Ventures on Thursday.
Founded in 2018, JD Energy offers energy storage solutions for commercial and industrial usage. Previously, the firm raised an undisclosed sum in its Series A round led by IDG Capital, with participation from Source Code Capital.
In 2020, the firm launched its flagship product, eBlock, which combines a battery management system, power conversion system, and thermal management system into one plug-and-play battery. eBlock is equipped with the functions of energy storage and AC/DC conversion.
The firm also leverages cloud technology and Internet-of-Things (IoT) to enable users to monitor their energy usage via a webpage or mobile application, according to its website.
As the world’s largest emitter of carbon dioxide, China’s goal of turning carbon neutral before 2060, has prompted companies across the renewable energy, waste recycling, and energy management sectors to jump on the cleantech bandwagon.
This can be reflected in the deal-making activities in the energy storage sector, which was the third most-invested industry for venture investors in Q1, completing a total of 51 deals worth $1.2 billion, according to DealStreetAsia’s proprietary data.