Shanghai Electric Hosted the Strategic Unveiling Event and Series A Financing Signing Ceremony for Energy Storage Technology Company
2023/09/13  EN_上海电气集团股份有限公司

Shanghai Electric Energy Storage Technology Co., Ltd. (hereinafter referred to as "Shanghai Electric Energy Storage Technology") strategy release and Series A financing signing ceremony were successfully held in Shanghai on the afternoon of September 12th. Jin Xiaolong, Member of the Party Committee and Vice President of Shanghai Electric, and Zhou Zhiyan, Chief Financial Officer and Secretary of the Board of Directors, attended the event.


During the signing ceremony, Shanghai Electric Energy Storage Technology signed strategic cooperation agreements with Liangshan Prefecture in Sichuan Province, Chaohu Economic Development Zone in Anhui Province, and Taobei District of Baicheng, Jilin Province to deepen the planning of Shanghai Electric's energy storage industry. Subsequently, Shanghai Electric Energy Storage Technology signed a strategic cooperation agreement with Jiangsu Huadian, CGNPC Sichuan, and Kaifeng Times Power, forming upstream and downstream synergies in the industrial chain.

In addition, Shanghai Electric Energy Storage Technology signed a capital increase agreement with Huaqiang Capital, Ansteel Capital, Guotai Junan Innovation Investment, HY Capital, CoStone Capital, Neovision Capital and Shanghai Electric. The Series A capital increase was led by Huaqiang Capital, Guotai Junan Innovation Investment and Costone Capital, followed by Ansteel Capital, HY Capital and Neovision Capital, which together injected 400 million yuan, and Shanghai Electric, the controlling shareholder, made capital injection with key intangible assets such as intellectual property rights. With the capital, the company will continue to improve corporate governance, strengthen support for talents, enhance R&D and innovation capabilities, and promote the upgrading of the industrial structure.

After this round of financing, Shanghai Electric Energy Storage Technology will prioritize the research and development of new systems, extend the industrial chain and construct hundred megawatt-scale projects, to deepen industrial cooperation, accelerate industrial upgrading, and effectively make use of the capital.

As a technology-based energy storage platform company invested by Shanghai Electric, Shanghai Electric Energy Storage Technology is an important part of Shanghai Electric's new "4+2+X" strategy. By leveraging independent research and development and engaging in the manufacturing and sales of key materials for flow batteries, power stacks, and system integration, the company is committed to providing customers with safe, cost-effective and environmentally friendly energy storage equipment and full life-cycle solutions. After more than ten years of technological accumulation and over three years of industrial development, Shanghai Electric Energy Storage Technology has stood out in the field of long-time energy storage. Its independently developed and produced kW-class and MW-class flow battery energy storage products can be widely used in integrating electricity generated from new energy into the power grid, grid-side energy storage, distributed intelligent micro-grids and other fields. It has successfully developed a series of power stacks, including 5kW, 25kW, 32kW, and 65kW, and has delivered more than 50 flow battery energy storage projects.

Shanghai Electric Energy Storage Technology is always guided by the national "duel carbon" goal and Shanghai Electric’s "4+2+X" strategy. Devoted to technological innovation while introducing more talents, it constantly optimizes the talent structure, promotes the integration of industry, academia and research, and implements the new research and development system, to bolster the company's comprehensive competitiveness and brand value. In addition, for the market strategy, Shanghai Electric Energy Storage Technology balances the domestic market and foreign market and promotes the energy storage products to go to foreign markets such as Japan, Australia, Europe, etc. Through a comprehensive market plan in terms of depth, breadth, and height, it strives to become a leader in long-time electrochemical energy storage.

In the future, Shanghai Electric Energy Storage Technology will adhere to the technological development goal of "high safety, low cost, and sustainability", and actively develop the flow energy storage technology to provide diversified and personalized energy storage solutions for customers on the power supply side, power grid side and user side.