Shanghai (ZXZC)- On May 28, Greater Bay Technology (“GBT”), a supercharging technology developer incubated by GAC Group, broke ground on a manufacturing base of energy storage devices and systems in Nansha New District, Guangzhou city, the company announced via its WeChat account.

The new facility is not only the first manufacturing base of GBT, but also will serve as the company's administration and R&D headquarters.

According to GBT, the new base will focus on the R&D and production of XFC (eXtreme Fast Charging) batteries, new types of energy storage cells, and battery pack integration systems.

Groundbreaking; photo credit: GBT

Involving an estimated investment of 4 billion yuan ($599.781 million), the project is expected to have an annual production capacity of 8GWh, which is able to power 120,000 new energy vehicles (“NEVs”) and deliver a production value of 7.2 billion yuan ($1.08 billion) annually.

Founded in Sept. 2020, GBT is the first high-tech company incubated by GAC Group with private investors taking the controlling stake. It is dedicated to the R&D, production, and sales of the XFC batteries, and the next-generation high-performance energy storage devices and compatible systems.

The company announced on May 5 it bagged nearly 1 billion yuan ($149.945 million) in its Series A round, which attracted such investors as Borun Capital, Nan Yue Fund, Tencent Investment, Canton Financial Investment, and Xidea.

According to the business data inquiry platform Tianyancha, prior to the A round, GBT had already closed two funding rounds—the Angel and the Pre-A rounds.