Recently, Smart Green Charging, a supplier of electrical systems for new energy vehicles, announced the completion of a new round of financing worth 100 million yuan ($16 million). This round of funding was led by Xiaomi and was followed by Yonghua Capital, Suzhou Oriza Holdings Co, Leader Venture Capital and others.
The funds raised will be used for the R&D of high-voltage power connections and distribution while also being used to expand production scale and application.
Founded in 2010, Smart Green Charging is a high-tech enterprise that develops, produces and sells the core components found in new energy vehicles. It provides high-voltage connection solutions for vehicle makers and its core products include high-voltage connectors, charging and power swap connectors, distribution units, among others.
The company has three major manufacturing bases located in Suzhou, Changzhou and Liuzhou, which will help the company meet its target for serving 3 million new energy vehicles by mid-2022. Its customers include many mainstream automobile manufacturers and suppliers at home and abroad.
The startup has invested more than 10% of its sales revenue into research and development for eight consecutive years, and has continued to enhance its core competitiveness through an intelligent supply chain and workshop. It has over 160 technical patents and has participated in drafting 9 industrial and national standards.
Sun Changxu, partner of Xiaomi‘s industrial investment department, said: “Electric vehicles have brought great opportunities to China’s auto parts industry. As the leading manufacturer of high-voltage connectors in China, Smart Green Charging has excellent R&D and manufacturing strength. It is expected that the investment of Xiaomi will help the firm in terms of capital, talent, technology and business.”