The funds will be used mainly to develop new technologies and build new production bases and R&D centers.

(Image credit: Svolt Energy)

Chinese power battery supplier Svolt Energy announced on December 11 that it has closed a Series B+ financing round in the amount of RMB 6 billion ($940 million), which will be used mainly to develop new technologies and build new production bases and R&D centers.

Investors in the round include Sichuan Energy Investment, Han's Laser Technology, Changzhou Xingyu, CDH Investments, and Industrial Bank.

"The company has stepped to the forefront of the global energy revolution, transportation revolution and technology revolution and is fortunate to have a strategic window of opportunity for great growth," said Hongxin Yang, Chairman and CEO of Svolt.

"The company will steadfastly increase its R&D efforts, build a global, technology-innovated brand image, and firmly implement its 2025 600 GWh global production capacity plan," he said.

So far this year, Svolt has completed RMB 3.5 billion in Series A and RMB 10.28 billion in Series B financing, and has built new production bases in Suining, Huzhou, Lishui, Chengdu and Changzhou.

The latest financing signing comes three days after Svolt unveiled its "SV '600' Strategy" at its second Battery Day on December 8, aiming to reach 600 GWh of battery capacity by 2025, nearly double its previous goal of 320 GWh.

Svolt, a power battery company founded in 2018 with funding from Great Wall Motor, focuses on cobalt-free battery and solid-state battery development and has established R&D centers in Japan, South Korea, the United States, India, Wuxi, Baoding and Shanghai.

The company currently has eight production sites with 297 GWh of capacity under construction, including 30 GWh of capacity being built in Europe.

Svolt Energy nearly doubles its battery capacity target to 600 GWh by 2025