With two rounds of financing under its belt to help expand production capacity, LIONGO is expected to grow into a leading company of new energy materials in the future
LIONGO New Energy (Chinese: 蓝固新能源), a high-tech enterprise dedicated to the research and development of new electrolyte materials, recently announced the completion of nearly CNY 200 million (USD 30.52 million) Series A funding round led by Oceanpine Capital.
Renowned investment institutions and companies such as CAS Fund of Funds, JN Tech, JZ Capital and Shanxi HCXF Group also participated in this round of financing.
The Series A round came on the back of the angel round in 2021, and the fresh capital injection into LIONGO is expected to help optimize its team, develop systemic product R&D and accelerate its construction of multiple production bases.
Founded by Dr. Li Lifei in May 2021 and with its head office in eastern China's Hangzhou City, the company seeks to gradually build its capacity to customize and provide comprehensive electrolyte material solutions for customers.
The electrolyte materials it develops, with proprietary intellectual property rights, will be used to satisfy demands for advanced batteries in applications such as consumer electronics, electric cars and large-scale energy storage.
Through constructing a full industry chain covering liquid electrolyte, blended electrolyte and solid electrolyte, coupled with production of key raw materials, the firm aims to become a leader in new types of electrolyte materials.
According to Oceanpine Capital, it chose to invest in LIONGO partly because is optimistic about the prospects of the new energy industry under China's "dual carbon goals," where the country vows to cap its carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060.
Besides, the venture fund also believes that solid batteries represent the future of the next-generation cell technology.
LIONGO builds on partnership with leading research institutions in electrochemical science and has an experienced management team, and for these reasons, Oceanpine Capital will continue to support the company as it grows, the venture capital agency said in a statement.
The competitors of LIONGO include Jiana Energy (Chinese: 佳纳能源), Peng Energy (Chinese: 朋能科技) and Shanghai Maxim (Chinese: 亿氢科技).