China energy storage player JD Energy raises $100m
Xi’an-based energy storage company JD Energy has raised a CNY 700m (USD 100m) Series B round led by Goldstone Investment, a private investment subsidiary of CITIC Securities.
Other investors include Jinyi Capital, GL Ventures, Huajin Capital, Ori-mind Capital, Hong Kong-listed Vongroup, and Capital for Science & Industry, a VC firm set up in 2021 across Xi’an, Hangzhou and Beijing. They were joined by Wenergy Capital, a unit of state-owned Wenergy Group, and Guangfa Xinde Investment Management, a private equity subsidiary of GF Securities
Existing investors IDG Capital, Source Code Capital, CasStar, a VC arm of Chinese Academy of Sciences, and Chendao Capital re-upped, according to a statement.
Founded in 2018, JD Energy focuses on energy storage products and solutions that enable large amounts of renewable energy to be connected to the grid. The idea is that solar and wind energy plays an increasingly important role in energy generation, but the supply is unstable because it depends heavily on the weather condition.
JD Energy claims to be a pioneer in product-based solutions in the battery storage space; many companies in the field are project-based contractors. Customers include State Grid, Southern Power Grid, China Electric Power Construction, and China Energy Construction.
The company’s offering includes distributed energy blocks, which are batteries that can be linked like Lego blocks. This is said to help projects avoid capacity loss caused by parallel connection and improve safety by mitigating the risk of explosions caused by a single battery unit failure. Overall, annual shipment volumes have increased nearly 30x in the past year.
As of December 2022, the installed capacity of new energy storage projects in China had reached 8.7m kilowatts, according to the National Energy Administration. The agency predicts that this figure will surpass 30m kW by 2025.
Lighthouse Capital served as the exclusive financial advisor of the round.
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