Origo ups capital in Unipower Battery

Unipower launched last year by private PRC battery maker Huanyu Group and UK-listed Origo, with the latter investing $4.3 million into the company in August for an approximate 16.5% stake. China Equity International Holdings contributed a further $1.7 million at the time via Huanyu. According to Unipower, in this new round of funding, Huanyu invested $4 million - funds managed by China Equity - and other existing shareholders committed $3 million.

The follow-on investment will help fund Unipower's aggressive expansion plans, which includes the aim of doubling its current production capacity to 365,000 kWh per annum by August 2011, and achieving 550,000 kWh per annum by the end of 2011, which would power 2,500 pure electric buses. Unipower specifically provides rechargeable, polymer batteries for China's growing electric public bus market. The company estimates that less than 500 pure electric buses and 1,500 hybrid buses were produced in the market last year, falling short of the government's target of introducing 20,000 of these buses in the country by the end of 2012.

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• Topics
• Greater China
• Cleantech
• CIC