Shanghai Electric Firm Secures RMB400 Million Towards Energy Storage Business

Shanghai Electric Delivers the First Batch of VRFB Products to Europe.

Shanghai Electric Energy Storage Technology, the energy storage subsidiary of Shanghai Electric has announced that it has received RMB400 million in Series A financing that will be used to inject added vitality into the development of its energy storage business.

Shanghai Electric will focus on promoting the research and development of new systems, promoting its industrial supply chain structure, construction of 100Mbps stacks that can be used in megawatt container-type vanadium redox flow battery (VRFB) energy storage systems. This is expected to deepen industrial cooperation, accelerate industrial upgrades, and stabilize firm’s access to capital.

This round of financing will be used to continue to strengthen talent support, and enhance R&D and innovation capabilities. “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,” said Jin Xiaolong, Vice President of Shanghai Electric Group.

“Specifically, we must strengthen technological innovation and realize the transformation of our technological achievements, deploy 100-megawatt projects, and strengthen leadership of demonstration projects, as well as collaboration in the energy storage industry.”

Shanghai Electric said that its kW-level and MW-level flow battery energy storage products that are independently developed and produced can be widely used in new energy power generation and grid connection, grid-side energy storage, distributed smart microgrids, and other fields. The firm has also developed 5kW/25kW/32kW/65kW series stacks and delivered more than 50 vanadium redox flow battery (VRFB) energy storage projects.

To date, Shanghai Electric has established the development strategy, specifying its orientation towards “4 plus 2” emerging fields supported by advanced technologies with a focus on “wind-solar-hydrogen-storage” integration, and will also focus on the industrial directions of industrial intelligence equipment to achieve efficient integration of resources.

What Funding Entails

With this newfound financial backing, Shanghai Electric Energy Storage is laser-focused on propelling the research and development of groundbreaking systems, expanding their production lines, and spearheading the construction of 100-megawatt projects.

Additionally, the company aims to forge deeper industrial collaborations and expedite the industrial upgrading process, solidifying its position as an industry frontrunner.

Looking ahead, Shanghai Electric Energy Storage is already setting its sights on launching a Series B financing campaign in 2024. Furthermore, the company anticipates initiating the listing process on the esteemed Science and Technology Innovation Board in 2026, further cementing its position as an industry leader.

The company on a global expansion spree. Recently, it started to supply its vanadium redox flow battery (VRFB) equipment to Europe.