JieCheng New Energy, a battery recycling company, bags CNY several hundred million from the Series B financing round. The funds raised in this round will continue to be used for battery recycling channel expansion, application scenario development as well as technology development and capacity expansion.
JieCheng New Energy (Chinese: 杰成新能源), a battery recycling company, has recently completed a B-round financing of CNY hundreds of millions. This round of financing was jointly led by Shenzhen Venture Capital (Chinese: 深创投) and a first-tier Internet company, followed by another first-tier Internet company, Homwon Capital (Chinese: 弘湾资本), Zifeng Capital (Chinese: 紫峰资本), Shinco(Chinese: 新会新科), Pingling Group(Chinese: 平陵集团), and Herong Capital(Chinese: 和荣资本).
The funds raised in this round will continue to be used for battery recycling channel expansion, application scenario development as well as technology development and capacity expansion.
JieCheng New Energy, founded in 2012, has focused on the decommissioned power batteries and lithium battery-related waste materials’ recycling, recycling, storage, processing and sales in new energy vehicles. It is headquartered in the Greater Bay Area in China. In July 2022, JieCheng New Energy secured over CNY 100 million (USD 14.5 million) in Series A funding.
In recent years, JieCheng New Energy has been widely involved in the battery recycling industry, and has laid out the entire industrial chain around battery recycling and procurement, storage and transshipment, cascade utilization, dismantling and regeneration, and metallurgical refining.
In terms of cascade utilization, JieCheng New Energy has built a digital recycling channel to extend the life cycle of batteries through leading technology methods, so that retired batteries can be effectively used in other fields and scenarios to maximize value. In terms of resource regeneration and recycling, JieCheng New Energ will use green efficient crushing and dismantling production lines to realize the industrial cycle from decommissioned batteries to battery recycling materials.
In the second half of this year, JieCheng New Energy's overseas business will also be gradually realized. Overseas business mainly adopts two models. One is technology export, and the other is business and production capacity export, which concentrates resources overseas, builds production capacity, and then forms related products, which are then imported back to China.