NIO Capital said the energy storage industry is exploding and is bullish on Hyper Strong's extensive experience as a provider of energy storage system solutions.
NIO Capital has invested in the Pre-IPO round of financing for Hyper Strong, a local energy storage system integrator, the venture capital arm of NIO said Wednesday, without disclosing the exact amount.
Other new investors include Yunhe Partners, Silk Road Fund and Huaneng Capital. Existing shareholders THG Ventures and a fund owned by the Beijing Haidian District State-owned Assets Supervision and Administration Commission made additional investments.
Zhang Jianhui, chairman and general manager of Hyper Strong, said the financing round will be used to expand operations as well as high-quality energy storage projects.
Beijing-based Hyper Strong, founded in 2011, is a company focused on the research, development, production and sales of products related to lithium battery energy storage systems, according to its official website.
Its core team consists of PhDs who graduated from prestigious schools including the University of California, Berkeley, Stanford University and Virginia Tech.
The company has battery management technology, power cell formation technology, data collection and cloud-based big data platform analysis technology, and thermal management simulation technology.
It has established a complete battery cell testing and evaluation system to effectively improve system safety, extend battery pack cycle life, reduce system maintenance costs, and improve energy utilization efficiency, according to the company.
Hyper Strong is using lithium iron phosphate batteries from Chinese power battery giant CATL in its energy storage solutions.
(Photo source: Hyper Strong)
NIO Capital managing partner Ning Yu said that China's energy storage industry is exploding under the policy of carbon peaking and carbon neutrality, and Hyper Strong has extensive experience as a provider of energy storage system solutions.
Hyper Strong will seize the opportunity of the explosive growth of China's energy storage market and vigorously develop its heavy truck power exchange business, according to a press release.
Hyper Strong will also pursue total battery lifecycle management through the laddering of retired batteries.