Shanghai (ZXZC)- On May 27, SAIC Motor announced it intends to make additional investments in QingTao (Kunshan) Energy Development Co., Ltd. ("QingTao Energy") through its two investment subsidiaries, as part of efforts to deepen its layout in solid-state battery technology and enhance the competitiveness of its new energy products.

The total investment will not exceed 2.7 billion yuan. To be specific, Jiaxing Chuangqi Venture Capital Partnership (Limited Partnership) will contribute up to 1.97 billion yuan and Jiaxing Qijun No. 1 Equity Investment Partnership (Limited Partnership) subscribes for up to 730 million yuan.

Photo credit: QingTao Energy

Upon the additional investment, SAIC Motor will indirectly hold approximately 15.29% stake in QingTao Energy through Jiaxing Chuangqi, Jiaxing Qijun No. 1, and Jiaxing Chuanrong Equity Investment Partnership (Limited Partnership).

SAIC stated that solid-state battery technology is an important component of its new energy strategy. The additional investment in QingTao Energy will help the company deepen its layout in solid-state battery field, seize the commanding heights of the new round of technological development, and enhance the competitiveness of its new energy products.

Founded in 2016, QingTao Energy focuses on the R&D and production of solid-state lithium batteries, ceramic separators, and lithium battery production equipment. It has achieved independent control in terms of core materials, core processes, and customized equipment for solid-state batteries, and is one of the earliest domestic solid-state battery companies in China to achieve mass production and delivery.

It is roughly estimated that QingTao Energy has so far completed at least seven rounds of financing. In addition to SAIC Motor, it has attracted investments from FreesFund, Leading Capital, THG Ventures, USUM Investment, Bank of China Group Investment Limited, BAIC Capital, GAC Capital, Henxu Capital, etc.

SAIC Motor has participated in the investments in QingTao Energy through funds in 2020 and 2022. As of now, the Shanghai-based auto group has cumulatively invested roughly 283.5 million yuan in QingTao Energy through Jiaxing Chuangqi, Jiaxing Qijun No. 1, and Jiaxing Chuanrong, indirectly holding around 4.2% of the equity interest.

Moreover, SAIC Motor has also jointly established a solid-state battery laboratory with QingTao Energy to promote the development of solid-state battery materials, cells, and systems, and accelerate the mass production and installation of solid-state battery products in vehicles.