China-based Talent New Energy said it had raised more than 100 million yuan in a Series A financing round as it hopes to expand its solid-state battery production.
Legend Capital led the funding, which Talent said would be used to establish an advanced energy materials research institute and a new energy technology industrialisation research centre in Beijing.
Talent New Energy said its first semi-solid-state power battery production line in Chongqing will be put into production in October this year,
The company, also known as Chongqing Tailan New Energy, said it is accelerating the mass production and commercialisation of semi-solid-state lithium batteries and hopes to launch an all-solid-state lithium-ion battery for vehicles at the end of this year,.
Legend Capital said the penetration rate of new energy vehicles in China reached 25.3% in April, and according to the industry forecasts, it will increase to 35% by the end of the year.
Legend Capital has invested in several new economy companies focusing on energy, including Shenzhen-listed Wuxi Lead Intelligent, CNGR Advanced Materials and Colibri Technologies, and Shanghai-listed Putailai New Energy and Hymson Laser.
It was also an early investor in battery giant CATL.
- George Russell
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