Chinese electrical equipment maker Qingdao Tgood Electric Co Ltd said on Wednesday that its subsidiary Teld, which operates charging piles, has received an investment of about RMB 280 million ($44 million) from several strategic investors.

In the capital increase, Teld was priced at RMB 14.6 yuan per share, valuing the company at approximately RMB 13.6 billion after the investment, the company announced.

GLP, State Power Investment Corporation and China Three Gorges Corporation participated in the subscription through their investment platforms, and A-share lithium giant EVE Energy also contributed more than RMB 20 million to participate in the subscription.

By now, the number of shareholders of Teld has increased from 16 to 26.

Founded in September 2014, Teld is mainly engaged in the construction and operation of a new energy vehicle charging networks and value-added services on the Internet.

In 2018, 2019 and 2020, Teld achieved operating revenue of RMB 389 million, RMB 1.66 billion, and RMB 1.52 billion, and net profit of RMB -136 million, RMB -111 million, and RMB -78 million respectively.

The development of the charging pile industry is the basic guarantee for the development of the new energy vehicle and electric vehicle industry.

In addition to the guidance of national policies, the development of the charging pile industry can not be separated from the continuous expansion of downstream demand.

In 2020, the production and sales of new energy vehicles in China were 1.366 million and 1.367 million respectively, an increase of 9.98 percent and 13.35 percent year-on-year, according to the China Association of Automobile Manufacturers (CAAM).

From January to May 2021, China's new energy vehicle production and sales exceeded 900,000 units, reaching 967,000 units and 950,000 units respectively, up 2.2 times year-on-year, with market penetration reaching 8.7 percent.

According to the data released by CAAM, by the end of May 2021, China has had about 5.8 million new energy vehicles, accounting for about 50 percent of the total number of new energy vehicles in the world.

The further growth of new energy vehicle production, sales and ownership has led to the continuous expansion of demand for charging piles.

Beijing's new rules, set to take effect on July 1, expected to improve EV charging experience

Chinese charging pile operator Teld secures $44 million investment-CnEVPost