Dyness, a major manufacturer and provider of energy storage solutions, has bagged “several billions of yuan” in a Series B and Series C financing round, according to a company release on Wednesday.
Its Series B round, led by local PE firm Youshan Capital, saw the participation of Eastern Bell Capital and Lion Partners Capital, the firm said.
CICC Capital led the Series C round, joined by L Catterton, the private equity firm backed by luxury goods empire Louis Vuitton Moet Hennessy; and local investors Pegasus Capital, among others. Existing investor Qinghao Capital re-upped in the round.
Post-financing, the firm will use the proceeds in R&D as well as for expanding its production facilities in a bid to accelerate its global expansion plan.
Founded in 2017, Dyness engages in the R&D and production of solar energy storage systems.
With factories located in Taizhou and Yangzhou, the firm specialises in on-grid and off-grid Lithium iron phosphate (LFP) battery solutions for residential applications across Europe, Australia, Africa, and South America, among others.
It has so far installed over 120,000 residential Energy Storage Systems (ESS) units worldwide, according to its website.
Meanwhile, on Monday, Astronergy, a subsidiary of electrical components manufacturer Chint Group, announced raking in 2 billion yuan ($280.1 million) in a Series C financing round.
Grid-scale storage is one crucial technology that enables energy storage and supply at a time when electricity generation is not possible, for example, when the sun is not shining or the wind is not blowing.
China led the global market in grid-scale battery storage additions in 2022, with annual installations approaching 5 GW, followed by the US, according to the International Energy Agency (IEA), a Paris-based energy agency.