Lithium Battery Startup Cospowers Technology Secures Round-D Financing
Cospowers Technology, a scientific and technological enterprise in the lithium battery industry, announced on July 1 that it had completed D-round financing totaling several hundred million yuan, led by many old shareholders such as Shenzhen Capital, Kunpeng Capital, Everbright Limited, Xingxiang Investment and Harvest Capital.
Funds from the round are mainly to be used for the construction and research of fully automated ferrous lithium phosphate energy storage battery production line of Cospowers’ subsidiary.
Cospowers Technology has been deeply involved in the field of energy storage batteries for more than 30 years, providing high-quality products and services for global customers.
The company’s main products are ferrous lithium phosphate batteries, with the advantages of low cost, great safety and long cycle life. At present, about 90% of batteries used in the electrochemical energy storage field are ferrous lithium phosphate batteries.
Cospowers will build a fully-automatic production line for 6 GWH energy storage lithium batteries in three phases in Changde, Hunan Province, with an estimated annual output value of more than 6 billion yuan ($896 million). At present, 0.5 GWH has been put into operation.
SEE ALSO: New Material Tech Firm Efmat Secures Round A Investment
From 2020 to now, various official Chinese ministries have issued a series of policies to support the application of electrochemical energy storage batteries. According to the statistics of professional organizations, global shipments of energy storage lithium-ion batteries in 2021 were 66.3 GWh, up 132.4% year-on-year, and are expected to reach 913.7 GWh in 2030, with a market scale of one trillion yuan.