Shenzhen Oriental Fortune backs ZBB Energy JV
Shenzhen Oriental Fortune Capital has acquired an 8% stake in a Chinese joint venture set up by US-based ZBB Energy, which manufactures advanced energy storage and control platforms, for RMB$20 million ($3.24 million).
According to a statement, Wuhu Fuhai-Haoyan Venture Investment, a subsidiary of Shenzhen Oriental Fortune, invested in Anhui Meineng Store Energy System, a joint venture established in 2011.
The joint venture received an initial $9.5 million in cash on set up, plus technology supplied by ZBB via a license agreement valued at $4.1 million.
Meining Store Energy, which has a post-closing valuation of $42 million, plans to use the new capital from Shenzhen Oriental Fortune to cover operating costs and develop its presence in China, and also build energy storage products and power electronics platforms.
"ZBB continues to work very closely with Meineng on product development, manufacturing and testing. Meineng is both a highly valued strategic supplier and customer," said Eric Apfelbach, ZBB Energy's CEO, in the statement. "The relationship is very synergistic for both entities."
Shenzhen Oriental Fortune was set up in 2006 and oversees more than RMB10 billion in assets. The firm focuses on clean technology, information technology, health care, education, advanced manufacturing and consumer products. It has invested in more than 130 companies, with 28 exits through IPOs and trade sales.
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