PCG Power, which specialises in distributed photovoltaic generation, storage, and management for commercial and industrial (C&I) customers, has sealed its extended Series A rounds — namely Series A3 and A4 rounds — co-led by Asian warehouse giant GLP.
Shanghai-listed semiconductor foundry services provider United Nova Technology also led the rounds, while Hangzhou-based investment firm Onew Capital participated, according to a company announcement on Monday.
Existing backers including Huamei International Investment Group, which engages in education, real estate, and equity investment; NIO Capital, the investment firm backed by Chinese electric-vehicle startup NIO; and local VC firm Eastern Bell Capital have re-upped in the rounds.
The fresh financing has brought the firm’s total capital raised to 1.5 billion yuan ($209 million), the firm shared in the release. The financial details of the rounds were not divulged.
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.
Distributed solar power refers to the installation of power generation systems on rooftops or a location in proximity to the end user. PCG Power targets clients located in the Yangtze River Delta area, the country’s eastern industrial hub; and Pearl River Delta, a major manufacturing hub located in the Southern Guangdong province.
Previously, the firm announced the first close of its Series A round at 500 million yuan ($72.7 million) in February.
Four months later, the firm sealed its 500-million-yuan ($69.8 million) Series A+ round in June, participated by listed companies including Shenzhen-listed lithium-ion battery modules maker Sunwoda Electronic and Shanghai-listed Yuneng Technology, which produces and distributes renewable energy equipment.