China’s new energy startup Neng Lian Technology has secured 774 million yuan ($110 million) in a Series C round of financing led by Joy Capital and backed by NIO Capital and Korea Investment Partners (KIP), per a company announcement.
The financing comes about three months after it gathered 450 million yuan ($64 million) in a Series B+ round from state-backed China National SME Development Fund, Oriental Fortune Capital, Rizhao Caijin Investment Group, China Construction bank Qingdao branch. Neng Lian has now closed three rounds in 2019.
Founded in 2016, Neng Liang operates platforms including Chezhubang, which helps drivers locate the nearest gas station and enables cardless fueling. It claims to have catered to 30 million vehicle owners in China.
In a statement, NIO Capital managing partner Zhu Yan said the new energy supply chain built by Neng Lian is accelerating the reformation of the country’s energy industry.
China is expected to remain the world’s largest energy consumer, accounting for 22 per cent of global consumption in 2040, despite slowing energy demand growth in the country, according to a BP report.