Founded in 2020, GTC Power provides high energy density products and completed prototyping of 1Ah, 5Ah and 20Ah all-solid-state lithium batteries.
(Image credit: GTC Power)
Another Chinese solid-state battery startup has received funding.
Zhuhai, Guangdong-based GTC Power announced Monday that it closed more than 50 million yuan ($7.86 million) in financing from a number of investors, including Cowin Capital and power battery maker Sunwoda.
The company did not disclose which round the financing was, though its official website profile shows only this round. It said the financing will be used primarily to accelerate its product layout, R&D, and talent acquisition in the all-solid-state battery space.
GTC Power was founded in 2020 and is committed to providing high energy density products and has completed sample production of 1Ah, 5Ah and 20Ah all-solid-state lithium batteries in December 2021, information on its official website shows.
The company has established a battery R&D center in Yokohama, Japan, bringing together a team of senior experts from China, Japan and Korea, and has now obtained more than a dozen industry-leading patents, it said.
The all-solid-state lithium battery enhances safety by replacing the flammable organic electrolyte with a non-flammable inorganic solid electrolyte. Their use of new positive and negative electrode materials makes it possible to solve the challenge of incompatibility between high energy density and high safety, the company said.
GTC Power's team members have more than a decade of R&D experience in the automotive, battery and materials sectors, and have deep experience in sulfide technology routes, said Zhang Yiwei, a partner at Cowin Capital.
GTC Power is the latest Chinese solid-state battery maker to receive investment.
Chongqing Tailan New Energy Co Ltd announced earlier this month that it closed a Series A+ financing round with Country Garden Venture Capital (CGVC), the venture capital arm of real estate developer Country Garden, as the exclusive investor.
Tailan focuses on the development and industrialization of new solid-state lithium batteries and key lithium battery materials, and is currently building a 200 MWh (0.2 GWh) automated solid-state lithium battery production line in Chongqing's Liangjiang New Area, which is expected to be operational by September 2022, according to its press release.
On February 25, Beijing WeLion New Energy Technology, rumored to be NIO's solid-state battery supplier, broke ground on a 100 GWh solid-state lithium battery project in Zibo, eastern China's Shandong province.
The project's Phase I design capacity is 20 GWh of hybrid solid-liquid electrolyte cells and all-solid-state batteries, and will go into production this year, according to the company.