Sunwoda Electric Vehicle Battery Breaks $1B in Round-A Financing
Sunwoda Electric Vehicle Battery Co., Ltd. (Sunwoda EVB) announced on August 25 that it has completed round-A financing of about 8 billion yuan ($1.17 billion), jointly led by Broad Vision Funds, Shenzhen Capital Group, Source Code Capital and National Green Development Fund.
Sunwoda EVB was established in 2014 and is committed to becoming a world-class provider of power battery system products and solutions. The new funds are mainly intended for capacity building, technology development and product iteration.
Sunwoda, the parent company of Sunwoda EVB, has six industrial clusters: consumer batteries, intelligent terminal products, power batteries, energy storage systems and energy internet, automation and intelligent manufacturing, and laboratory testing services. In the first half of this year, the company shipped a total of 3.95 Gwh of power batteries, achieving revenue of 4.20 billion yuan, an increase of 631.92% from last year.
Sunwoda started a spin-off of its power battery business at the end of 2021, which was to be listed alone.
Sunwoda EVB has a complete set of power battery solutions, such as battery cells, modules, BMS, battery packs and testing, which is mainly for electric vehicle batteries and energy storage batteries. With HEV products and BEV fast charging technology, the company has signed cooperation with major OEMs, covering economical, performance and high-end EV models, with more than 20 global customers and more than 50 projects.
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According to data from the China Automotive Battery Innovation Alliance, the cumulative loading capacity of power batteries in China increased by 110.6% year-on-year from January to July 2022, and the market share of Sunwoda EVB increased rapidly, ranking fourth among ternary power battery enterprises.