Sungrow, Sunwoda and Other Firms Jointly Launch RMB 1 Billion Energy Storage Fund

According to EnergyTrend，on October 20, Sungrow and Sunwoda simultaneously released announcements stating that they will jointly invest to establish a partnership with professional investment institutions and have signed the Partnership Agreement for Shenzhen Yuanzhi Juxin Shengrong Energy Storage Assets Private Equity Fund Partnership (Limited Partnership) (the fund name is tentative and subject to final approval by the market regulation authority).

As disclosed in the announcements, the total subscribed capital contribution of the partnership amounts to RMB 1 billion. Breakdown is as follows:

• Shenzhen New Energy Storage Industry Equity Fund: RMB 449 million, accounting for 44.9%;
• Shenzhen Xinneng Industrial Development Technology, a wholly-owned subsidiary of Sunwoda: RMB 225 million, accounting for 22.5%;
• Sungrow: RMB 174 million, accounting for 17.4%;
• Makesense Energy: RMB 150 million, accounting for 15%;
• Yuanzhi Energy Storage and Hefei Renfa Xinneng Private Equity Fund Management Co., Ltd.: each subscribes RMB 1 million, holding a 0.1% stake apiece.

All contributions are to be made in RMB cash. Yuanzhi Energy Storage, a professional investment institution, will act as the private fund manager of Yuanzhi Juxin Shengrong.

It is learned that the fund will mainly invest in energy storage station assets, including but not limited to grid-side standalone energy storage stations, green power direct-connection projects, and non-standard energy storage assets in high-growth niche markets such as energy storage for computing power centers and zero-carbon parks.

Source：EnergyTrend