China's green energy firm Qiyuan enters unicorn club after $211m Series B round

China's green energy firm Qiyuan enters unicorn club after $211m Series B round

Qiyuan Green Power, a green energy solutions provider affiliated with China’s state-owned electricity supplier State Power Investment Corporation (SPIC), has closed its Series B funding round at 1.5 billion yuan ($211.2 million) to reach the unicorn valuation of over $1 billion.

Qiyuan – which counts China’s CATL, the world’s largest battery maker for electric vehicles (EVs), as a partner – raised the new funding from a range of domestic investors, including its parent group and the National Green Development Fund, it announced on Wednesday.  

China’s National Green Development Fund, a state-level fund-of-funds (FOF) managing 88.5 billion yuan ($12.5 billion), was launched in July 2020 by the country’s Ministry of Finance, Ministry of Ecology and Environment, and the Shanghai government to promote China’s transition into a green economy.

BOC Financial Asset Investment, a subsidiary of the majority state-owned Bank of China (BOC), and home appliance giant Gree Electric’s investment unit are among the investors in the Series B round.

Shanghai-based Qiyuan offers green energy solutions and services to help China build an eco-friendly logistics and transportation ecosystem. Its businesses cover the development of electric heavy-duty trucks and the provision of compatible charging facilities, power board replacement services, and other smart battery management solutions.

The new funding will enable the firm to advance its R&D strengths and expand business coverage, said Qiyuan. It will work more closely with industry partners to help China achieve its goals of hitting a peak in carbon dioxide emissions before 2023, ahead of the nation’s targeted carbon neutrality by 2060.

Since its inception in 2020, Qiyuan has delivered and operated more than 23,000 units of heavy-duty electric trucks and engineering machinery. 

In 2023 alone, the firm built more than 580 electric truck charging and battery swapping stations across China, up 132% from the prior year. It claims an over 65% share in China’s electric truck energy solution market, providing charging facilities in all mainland Chinese provinces.

Before the Series B round, Qiyuan closed a Series A round at 1 billion yuan ($140.8 million) in August 2022. It did not disclose the investors of the previous deal.

Edited by: Padma Priya

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