PCG Power, which specialises in distributed photovoltaic generation, storage, and management for commercial and industrial (C&I) customers, has bagged 500 million yuan ($69.8 million ) in a Series A+ round, according to a company announcement on Tuesday.
Distributed solar power refers to the installation of power generation systems on rooftops or a location in proximity to the end user.
The round saw the participation of listed companies including Shenzhen-listed lithium-ion battery modules maker Sunwoda Electronic and Shanghai-listed Yuneng Technology, which produces and distributes renewable energy equipment.
Sense Capital, the private equity investment arm under Hong Kong-listed AI major SenseTime Group, as well as Shenzhen-based investment firm Hua Ventures, have also joined the round. Existing shareholders including Eastern Bell Capital, and Huamei International Investment Group re-upped in the round.
Founded in June 2022, the Guangzhou-based firm was incubated under a 5-billion yuan ($700 million) real estate fund jointly set up by Poly Capital and Country Garden Venture Capital in June 2020. Both the founding investors re-upped in the Series A+ round.
The funding proceeds will support the firm in developing its energy storage business, per the release.
The latest announcement comes after the Guangzhou-based firm said that it completed the first close of its Series A round at 500 million yuan ($72.7 million) in February. So far, the firm has raised 1 billion yuan ($142.5 million) in funding since its inception in June 2022.