China distributed power specialist PCG Power raises 70m
PCG Power, a Chinese energy management services provider incubated by property developers China Poly Group and Country Garden, has raised CNY 500m (USD 69.9m) in Series A funding.
The investment, billed as a Series A extension, featured Hua Ventures, Shenzhen-listed Sunwoda Electronic, Sensetime Capital, and Shanghai-listed Yuneng Technology, according to a statement. Existing investors Poly Capital, Country Garden, Huamei International, and Eastern Bell Capital re-upped.
Huamei and Eastern Bell provided CNY 500m in Series A funding earlier this year with support from Capital, Rockets Capital, and Shanghai Yiliansy. Fanzhuo Capital, which served as financial advisor, also committed capital.
PCG was incubated in 2020 and formerly established last year. It focuses on distributed solar power, primarily systems located on rooftops in residential areas and industrial parks – areas of significant experience for China Poly and Country Garden. The company is now led by Yue Jin, formerly CEO of Shanghai-listed Jinko Power.
The company aims to become China's largest energy management service provider for industrial parks and residential communities. The goal is to install 5 gigawatts of photovoltaic power capacity within three years.
The proceeds of the latest round will be used mainly to fund development of reserve projects as well as management and technology platforms.
PCG said that its first two rounds of external funding focused on introducing investors with industry background and resources. It claims to have brought together leading companies and investors from industries including photovoltaics, energy storage batteries, electric vehicles, and internet-of-energy.
New energy remains a popular investment target in China, with asset valuations increasing on the back of the country's objective to have carbon emissions peak in 2030 and achieve carbon neutrality by 2060.
While PCG focuses on the application and management side, other investors are concentrating on upstream manufacturing. For example, Yuze Semiconductor, a producer of single-crystal high-efficiency silicon wafers, raised a CNY 1.2bn Series B in January. Solar panel maker Astronergy closed a CNY 1.5bn Series B the same month.
In addition, recent funding rounds for energy storage companies include a CNY 600m Series A for WeView and a CNY 700m Series B for JD Energy. Meanwhile, Zhongchu Guoneng Technology (ZGT), also known as China National Energy Storage, has raised CNY 1bn in Series A funding.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.