US and China-based portable power station maker EcoFlow has raised more than $100 million in a Series B round of financing led by GL Ventures, the venture capital unit of private equity firm Hillhouse Capital.
The round brings the company’s market valuation to $1 billion, according to a company statement on Thursday.
Proceeds from the latest funding round will be used to bankroll the research and development of clean energy storage products.
EcoFlow was established in 2017 by Lei Wang, a former engineer at Chinese drones giant DJI. The company provides portable power stations for household, outdoors and industrial use. Its offerings include solar panels and its power stations can be recharged using solar energy.
The company claimed to have secured “millions of US dollars” in a Series A+ round of financing backed by WG Capital, Guangzhou Yihe Investment, Jinpengjia Holdings and Beijing Sanghai Huitong Investment in 2019.
Prior to that, in 2018, it had raised $4 million in a Series A round from tech-focused Delian Capital, battery specialist Great Power and other investors.
Last year, China’s President Xi Jinping pledged to make China “carbon neutral” by 2060. The country has also vowed to boost the share of non-fossil fuels in primary energy consumption to around 25% by 2030.