Beijing (ZXZC)- China’s tech giant Tencent has indirectly invested in GAC-affiliated Guangzhou Juwan Technology Research Co., Ltd. (Greater Bay Technology) and became a shareholder of the energy storage company on April 6th.

Photo credit: Greater Bay Technology

According to China’s corporate database, Qichacha, Greater Bay Technology has added Guangxi Tencent Venture Capital Co., Ltd. as its new shareholder at a 2.26% stake. In the meantime, the company saw a 10.6% increase in registered capital to RMB 80.3144 million ($12.61 million). 

The Tencent-associated company is indirectly wholly-owned by the founder and CEO of Tencent, Pony Ma Huateng. 

On the other hand, Greater Bay Technology is incubated by GAC Group, with GAC Group, GAC Capital, GAC Research Institute, and other third-party companies as its shareholders. 

Founded in 2020, the company is dedicated to developing supercharging batteries and next-generation energy storage. The supercharging battery technology on the GAC AION V PLUS Supercharge model and the A480 supercharging piles are all Greater Bay Technology’s products. The said batteries allow a 207km range based on a five-minute supercharging session. 

Currently, Phase I of the company’s Nansha PACK factory has started production, meeting the battery pack demands of roughly 50,000 electric vehicles. In order to keep up with GAC AION’s growing battery demands, the company is also expanding its production capacity in Guangzhou. The new project has a designed production capacity of 8GWh yearly. By 2025, Greater Bay Technology aims to complete a total production capacity of 120GWh.