China EV battery solutions provider raises $229m
Sunwoda Electric Vehicle Battery (EVB), a subsidiary of lithium-ion battery maker Sunwoda Electronic, has raised a CNY 1.65bn (USD 229m) Series B round from domestic investors.
The investors include China Life Investment, BoC Financial Assets Investment, CCB Investment, and Chongqing Manufacturing Transformation and Upgrading Fund. It values the company at CNY 35.6bn, according to a statement.
Following completion of the transaction, Sunwoda Electronic will still have a controlling stake in Sunwoda EVB. The subsidiary will obtain operating funds for further development, optimise its financial structure, reduce its debt burden, and enhance various risk protections.
Set up in 2014, Sunwoda EVB focuses on software services for new energy vehicles and charging facilities.
The company raised a Series A of CNY 6.9bn last year from 24 investors, including China’s National Green Development Fund, Broad Vision Fund, and Source Code Capital. This followed a CNY 2.43bn round in February 2022 that delivered a 19.55% stake to investors including IDG Capital, Nio Capital, Li Auto and Oppo, according to AVCJ Research.
Revenue came to CNY 12.7bn in 2022 and was CNY 2.2bn for the first quarter of 2023. The net loss for last year was CNY 405m.
It extends recent momentum in China’s power battery space, including Beijing WeLion New Energy Technology raising CNY 1.5bn in Series D funding led by Chengtong State-Owned Enterprises Mixed Ownership Reform Fund.
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