Shanghai (ZXZC)- Shenzhen Paragonage New Energy Co., Ltd. (hereafter referred to as "Paragonage"), a Chinese supplier of sodium ion battery solutions, recently completed an angel round of financing that secured several tens of millions of yuan.

Backed by Capchem, GEM Co., Ltd., Shenzhen Senior Technology, SZZT Electronics, and J.S. Machine, the funding will primarily serve to boost R&D of sodium-ion battery as well as overall company operations.

Photo credit: Paragonage

Founded in October 2022, Paragonage was initiated by a startup team led by Dr. Hu Mingxiang in collaboration with Shenzhen Center Power Technology Co., Ltd. (“Vision Group”). As one of the earliest domestic enterprises engaged in the R&D of key technologies for sodium-ion batteries in China, the company has formed a comprehensive range of sodium-ion battery systems suitable for small power, UPS, communication base stations, and energy storage applications.

Paragonage has already established a sodium-ion battery R&D center in Shenzhen, equipped with a button cell laboratory, electrolyte laboratory, cell test room, module test room, and cell trial production line. The company has successfully completed the verification production line for sodium-ion batteries and has prepared the first-generation sodium battery product materials (cathode and anode materials, electrolytes, etc.), with the process route completing internal evaluation at the start of 2023. Currently, it is at the stage of small-batch trial production and is getting ready for pilot production of sodium battery products.

The company stated that it has signed strategic cooperation agreements with leading upstream industrial chain enterprises and reached collaborative R&D intentions with some top-tier two-wheeler companies, communications enterprises, and academic institutions. Simultaneously, Paragonage will leverage its existing resources of shareholders such as Vision Group and SZZT Electronics to introduce sodium battery product requirements in multiple areas such as UPS and communications.

On the production capacity front, the company's pilot line is in the planning and construction phase with an estimated capacity of 0.1GWH. It is expected to be put into operation before the end of 2023, focusing mainly on the development and application of cylindrical and prismatic aluminum shell sodium-ion batteries. The first-phase production capacity is projected to reach 5GWh when become operational.