SAIC invests $382m in China solid-state battery player

The investment increased SAIC’s stake to 15.3% from 4.2%; SAIC previously invested CNY 283.5m. The carmaker has also set up a joint venture lab with QingTao to speed up the commercialisation of solid-state batteries in vehicles, according to an announcement.

Qingtao was founded in 2016 by Cewen Nan, a professor of Tsinghua University, by developing a semi-solid battery, which is now said to be ready for mass production. It is currently developing its third-generation product which is all-solid-state. In 2022, it generated revenue of CNY 549m with a net loss of CNY 256m.

FreesFund backed the company’s first two rounds in 2016 and 2017. This was followed by a round in 2017 from Beijing Leading Capital and Tsinghua Holding Yinxing Venture Capital via National SME Development Fund.

In 2019, Shenzhen Anpeng Private Equity Fund, Bank of China Group Investment, Kunshan Guoke Venture Capital, and BAIC Capital invested alongside FreesFund. This was followed by an extended Series E in 2020 led by SAIC and joined by Huaian Huashang Elite Venture Capital and Kunshan Guoke Venture Capital.

QingTao completed an extended Series F in 2021 from Shanghai Technology Innovation Center Equity Investment Fund, Xinding Capital, Kunshan Kersen Science & Technology, and FreesFund, according to AVCJ Research.

Solid-state battery technology, which is expected to benefit vehicle electrification, is still in its initial development stages globally. Last year, China-based Enpower Greentech, which claims to be a pioneer in next-generation all-solid-state batteries (ASSBs), raised more than USD 20m in an extended Series A round led by Sequoia Capital China and Dayone Capital.

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• Topics
• Greater China
• Technology
• Expansion
• China
• automobiles
• Cleantech
• SAIC Capital