China's Farasis Energy secures $793m Series C
Farasis Energy, a rechargeable battery manufacturer with operations in China and the US, has raised RMB5 billion ($793 million) in Series C funding from the China State-owned Venture Capital Fund.
Other investors in the round include China Industrial Bank, Dongxing Securities, and China V Fund, according to a statement.
Farasis Energy - known as Funeng Technology in Chinese - was founded in 2002 in San Francisco by Yu Wang and Keith Kepler. It develops high-energy density, low-cost lithium-ion batteries for electric cars, forklifts and unmanned aerial vehicles. In 2009, the company established a manufacturing plant in Jiangxi province, with an annual production capacity of 5 gigawatt hours (GWh).
Last year, Farasis Energy partnered with Chinese state-owned automotive manufacturer BAIC Group to set up a plant in Beijing to produce batteries for new energy vehicles. It has an annual capacity of 8 GWh.
AVCJ Research records show China-based PE firm Reiter Capital committed an undisclosed sum to Farasis Energy in 2012. Following the latest funding round, the company plans to grow its market share through new partnerships with local automotive manufacturers.
The China State-owned Venture Capital Fund was set up in 2016 by China Reform Holdings Corporation, with a target size of RMB200 billion ($30 billion). It has a remit to drive industry upgrades by backing Chinese technology companies.
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