Shanghai (ZXZC)- Greater Bay Technology (“GBT”), a supercharging technology developer incubated by GAC Group, raised nearly 3 billion yuan by signing an agreement with a slew of banks on Mar. 28, according to GBT’s press release.

The banks involved in this investment include China CITIC Bank, Agricultural Bank of China, China Construction Bank, Bank of China, China Guangfa Bank, Bank of Communications, and Shanghai Pudong Development Bank. The project also got support from the local authority of the Nansha District, Guangzhou city.

Photo credit: GBT

The funds newly raised will be used to construct the “GBT Energy Storage Device & System Production Base”.

Since its foundation in 2020, GBT has been dedicated to breaking through the bottleneck of battery charging efficiency, focusing on the R&D and production of XFC (eXtreme Fast Charging) batteries.

The company said its in-house-developed XFC battery enables a maximum charging power of 480kW, and can be charged to 80% of its capacity in 7.5 minutes with a 400km of range added. The battery product has been installed in some vehicle models under GAC AION.

The project of “GBT Energy Storage Device & System Production Base” is being built as the company’s headquarters, and first R&D and production site. Upon completion, the project will provide stronger R&D support for GBT and ensure sufficient production capacity

The said base features a planned overall production capacity of 8GWh per year, with the ability to supply batteries for 120,000 new energy vehicles. With a product line covering XFC battery cells, modules, and PACK systems, it is expected to start operation at the end of Sept. 2023.