The Chinese high-voltage battery systems provider Chilye has raised hundreds of millions of yuan in its new round of financing and the money is expected to be used on product R&D and business expansion.
On September 16, 2022, Suzhou Chilye Green Technology Co., Ltd (Chinese: 苏州智绿环保科技有限公司), a Chinese supplier of high-voltage electrical appliances and power distribution units for new energy vehicles, announced the completion of a new round of financing worth hundreds of millions of CNY, just months after it closed its round B financing.
This round of financing was co-led by Oriza Holdings (Chinese: 元禾控股), JianYin Kechuang (Chinese: 建银科创基金), Haitong Innovation (Chinese: 海通创新) and Tsinghua Holdings Capital (Chinese: 华控基金) and followed by Cowin Capital (Chinese: 同创伟业), Sunic Capital (Chinese: 临芯投资) and Hubei Xiaomi Changjiang Industrial Investment Fund (Chinese: 小米产投). The money will mainly be used for the R&D of the high-voltage connectors, charger connectors and power distribution units for NEVs, production expansion, as well as vertical integration of key supply chain network.
Founded in 2010, the Suzhou-based company has under its brand a comprehensive variety of products including high voltage connectors, charging connectors and power distribution units.
In 2021, Chilye produced more than 7 million sets of high-voltage connectors, accounting for more than 13.5% of automotive appliances. It leads the industry in terms of charging connection product exports, and its products are sold to a number of international OEM vehicle companies. As high-voltage battery systems make a longer driving range possible with better energy efficiency and lighter car weight, it is likely to become a focus of attention among automakers and investors.