Jiangsu Guoqiang Singsun Energy Technology, a Chinese developer of advanced tracking technology for intelligent solar plant applications, has raised 1 billion yuan ($137.4 million).
The Series A+ round was led by three investors including CITIC Securities Investment and Costone Investment, which are both subsidiaries of Chinese investment bank CITIC Securities. A fund affiliated with the state-owned infrastructure firm China Communications Construction Company co-led the investment, according to a statement by Jingtian & Gongcheng, a legal advisor of the deal.
Other investors who participated in the financing were financial services firm CMB International, domestic venture capital (VC) company Zhongtai Venture Capital, and a 2-billion-yuan ($275-million) green manufacturing fund backed by Chinese state-owned power station operator Dongfang Electric Corporation.
Founded in December 2020 and based in the coastal Chinese province of Jiangsu, north of Shanghai, Guoqiang Singsun focuses on the R&D, manufacturing, and sales of solar trackers and complementary intelligent solutions.
Solar trackers are commonly used to position photovoltaic (PV) panels, or solar panels, to keep them perpendicular to the sun’s direction for more sunlight and more energy absorption.
As a subsidiary of China’s Jiangsu Guoqiang Group, the startup claims to have an annual shipment capacity of 45 gigawatts (GW) of solar tracker equipment and software.
It has delivered products and services to China’s five largest state-owned electricity generation groups, with overseas clients across Europe, Latin America, Southeast Asia, and the Middle East.