Sequoia, GIC backing propels Envision's funding round to $1b

Envision sits within China's "new infrastructure" sweet spot – hard technology and associated software that the government expects to define the next generation of economic growth. It promotes wind and solar power as "new coal," batteries and hydrogen fuel as "new oil," and its artificial-intelligence-of-things (AIoT) networks that coordinate the hardware as the "new grid."

The broad net-zero enablement strategy is addressed through several subsidiaries and verticals, including a team in the Formula E electric vehicle racing series. The company has pledged to become carbon-neutral in its own operations next year and throughout its value chain by 2028.

Primavera announced two weeks ago that it would invest $600 million in two entities: Envision Energy, which designs, sells, and operates smart wind turbines and energy storage products; and Envision AESC, which focuses on AIoT-powered batteries.

Envision has been in the wind power space since 2007, establishing itself as one of the largest wind turbine technology companies globally. Its products and projects are present in the likes of France, Mexico, Vietnam, Argentina, Montenegro, and Kazakhstan, as well as in China.

ASEC was established in 2007 as a joint venture with Nissan Motor, NEC Corporation, and NEC Tokin Corporation. Three years later, it started mass production of batteries for the Nissan Leaf. Its batteries have been installed in more than 600,000 vehicles to date.

Envision did not specify how it would use the additional commitments from Sequoia and GIC, with CEO Lei Zhang merely saying that the partnership with all three investors would "enable Envision to mobilize capital investors for building the net-zero economy."

Neil Shen, founding and managing partner at Sequoia, added: "This is a strategic investment to promote the construction of a new global green industrial system. Responding to the propositions of the times through innovative means has always been Sequoia China's pursuit and is in our genes. Carbon neutrality is the key challenge facing the future of mankind. Our destiny is in our hands."

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• Topics
• Greater China
• Cleantech
• Expansion
• Infrastructure
• Industrials
• China
• renewable energy
• Cleantech
• Electric Vehicles
• Sequoia Capital
• GIC Private
• Primavera