- Shanghai Electric subsidiary Shanghai Electric Energy Storage Technology receives RMB 400 million in Series A financing, accelerating the development of its energy storage business

SHANGHAI, Sept. 20, 2023 /PRNewswire/ -- Shanghai Electric Energy Storage Technology, the energy storage subsidiary of Shanghai Electric (SEHK:2727, SSE:601727), recently received RMB 400 million in Series A financing to be used to inject greater vitality into the development of your energy storage business. It will focus on promoting the research and development of new systems, promote its industrial supply chain structure, build 100 Mbps stacks that can be used in container-type vanadium redox flow battery (VRFB) energy storage systems megawatts, deepen industrial cooperation, accelerate industry improvements, and effectively stabilize its access to capital.

This round of funding will be used to further improve corporate governance mechanisms, strengthen talent support, and enhance R&D and innovation capabilities. Once the financing is completed, the post-investment valuation of Shanghai Electric Energy Storage will exceed 2.2 billion yuan.

"In the future, Shanghai Electric Energy Storage Technology will continue to consolidate its development positioning and advance as a global leader in long-term electrochemical energy storage," said Jin Xiaolong, vice president of Shanghai Electric Group. "Specifically, we must strengthen technological innovation and achieve the transformation of our technological achievements, launch 100 megawatt projects and strengthen the leadership of demonstration projects as well as collaboration in the energy storage industry."

After more than a decade of world-class technology development and three years of rapid industrialization, Shanghai Electric Energy Storage Technology clearly stands out in the field of long-term energy storage, achieving functional product development, reliable manufacturing and operations and intelligent maintenance. The kW level and MW level flow battery energy storage products independently developed and produced by the company can be widely used in new power generation and grid connection, grid-side energy storage. network, distributed intelligent microgrids and other fields. It has successfully developed 5kW/25kW/32kW/65kW series cells and delivered more than 50 vanadium redox flow battery (VRFB) energy storage projects.

To date, Shanghai Electric has set out the development strategy, specifying its orientation towards emerging "4 plus 2" fields supported by advanced technologies with a focus on "wind-solar-hydrogen storage" integration, and will also focus on industrial directions of Industrial Intelligence Equipment to achieve efficient integration of resources. The professional fields of energy storage technology companies will complement and

With this new financial support, Shanghai Electric Energy Storage is focused on boosting research and development of innovative systems, expanding its production lines and spearheading the construction of 100-megawatt projects. Additionally, the company aims to forge deeper industrial collaborations and accelerate the industrial upgrading process, solidifying its position as an industry leader.

Looking ahead, Shanghai Electric Energy Storage already has its sights set on launching a Series B financing campaign in 2024. In addition, the company plans to begin the listing process on the prestigious Scientific and Technological Innovation Board in 2026, further consolidating its position as an industry leader.

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