Shanghai (ZXZC)- Chinese battery recycling company JieCheng New Energy recently completed its Series A financing with over 100 million yuan ($14.801 million) raised, according to a local media outlet.

The fresh round was led by BOC & UTRUST Private Equity Fund Management (GuangDong) Co., Ltd., while also drew such investors as Everbright Limited, Longgang Financial Holding (Shenzhen), Sunny Creative Capital, etc.

Leap Capital served as the exclusive financial consultant to the A round of JieCheng New Energy.

Photo credit: JieCheng New Energy

The proceeds from this funding round will be mainly used to research and develop battery recycling technologies and expand the company's production capacity.

Founded in 2012 and headquartered in Shenzhen, JieCheng New Energy is dedicated to the comprehensive utilization of resources along the full industrial chain of decommissioned new energy vehicle ("NEV") power batteries. Currently, the company has built a system that consists of such key links as procurement, storage, transportation, cascade utilization, dismantling, and smelting of retired batteries.

According to the local report, JiaCheng New Energy has entered into in-depth collaboration with a slew of consumer electronics and battery suppliers, as well as automakers, including Apple, VIVO, DJI, Sunwoda, EVE Energy, BYD, and BAIC BJEV.