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China energy storage player Fox ESS raises $141m

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  • Larissa Ku
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Fox ESS, a China-based energy storage company also known as Maitian Energy, has raised CNY 1bn (USD 141m) in a pre-IPO round led by Ori-mind Capital at a post-money valuation of more than CNY 10bn.

The proceeds will be mainly used for R&D, capacity expansion, and daily operation. There are also plans to expand in overseas markets.

Fox was established in 2019 by Tsingshan Holdings Group, a private stainless steel and nickel company. The company focuses on distributed power products, energy storage products, distributed energy system solutions, household energy storage systems, and grid-connected inverters. It claims fast growth in revenue and profit, with annual revenue reaching CNY 2bn in 2022.

Carbon neutrality has emerged as a key investment theme on the back of Beijing announcing plans to reach peak carbon usage by 2030 and achieve net-zero greenhouse gas emissions by 2060. Energy storage fits into this theme by supporting weather-dependent solar and wind power stations, which can be unsuitably unreliable for direct input into electricity grids.

Funding for Chinese energy storage companies in recent weeks includes a CNY 600m Series A for WeView, a CNY 700m Series B for JD Energy that also featured Ori-mind, and a CNY 1bn round for Zhongchu Guoneng Technology (ZGT), also known as China National Energy Storage.

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