Shanghai Electric energy storage technology receives Series A financing

Shanghai Electric Energy Storage Technology, a subsidiary of Shanghai Electric, has announced a significant milestone in its journey to advance energy storage solutions. The company has successfully secured RMB 400 million in Series A financing, demonstrating the growing confidence of investors in its vision and capabilities.
This substantial injection of capital will serve as a catalyst for Shanghai Electric Energy Storage Technology’s ambitious plans to further develop its energy storage business. The funds will be channelled into several key areas aimed at propelling the company to the forefront of the global energy storage industry.
One of the primary objectives of this financing round is to promote the research and development of innovative energy storage systems. Shanghai Electric Energy Storage Technology will focus on enhancing its industrial supply chain structure and constructing 100-megawatt stacks, specifically designed for megawatt container-type vanadium redox flow battery (VRFB) energy storage systems. These advancements will contribute to the efficient storage of renewable energy sources and grid stability.
Moreover, the company aims to deepen its industrial cooperation, accelerate industrial upgrades, and ensure effective access to capital. These strategic moves are expected to solidify Shanghai Electric Energy Storage Technology’s position as a leader in the long-term electrochemical energy storage sector.
A significant portion of the funds will also be allocated towards improving corporate governance mechanisms, reinforcing talent support, and enhancing research and development capabilities. These investments will enable the company to maintain a robust foundation for sustainable growth.
With over a decade of dedication to research and development, followed by three years of rapid industrialization, Shanghai Electric Energy Storage Technology has firmly established itself as a key player in the long-term energy storage field. The company boasts a portfolio of kW-level and MW-level flow battery energy storage products, which have found applications in various sectors including new energy power generation, grid-side energy storage, and distributed smart microgrids.
Shanghai Electric Energy Storage Technology has successfully developed and delivered more than 50 vanadium redox flow battery (VRFB) energy storage projects, showcasing its commitment to addressing the evolving energy landscape.
Looking ahead, Jin Xiaolong, Vice President of Shanghai Electric Group, shared the company’s vision, stating, “Moving forward, Shanghai Electric Energy Storage Technology will continue to solidify its development positioning and step up as a global leader in long-term electrochemical energy storage. Specifically, we must strengthen technological innovation, deploy 100-megawatt projects, and collaborate extensively in the energy storage industry.”
The recent Series A financing has brought the post-investment valuation of Shanghai Electric Energy Storage Technology to more than 2.2 billion yuan, further reinforcing its market presence and potential for growth.
In a forward-looking strategy, the company has already set its sights on a Series B financing campaign scheduled for 2024. Additionally, Shanghai Electric Energy Storage Technology anticipates initiating the listing process on the esteemed Science and Technology Innovation Board in 2026, marking a significant milestone in its journey towards becoming an industry leader.