Xiaomi-backed industrial funds become investors of Ganfeng LiEnergy
Shanghai (Gasgoo)- Jiangxi Ganfeng LiEnergy Technology Co., Ltd. (Ganfeng LiEnergy), a Chinese lithium power battery manufacturer, recently introduced many new investors, two of which are industry funds backed by Chinese smartphone giant Xiaomi, namely, Hubei Xiaomi Yangtze River Industry Fund Partnership (L.P.) and Hainan Jimu Venture Capital Co., Ltd., according to the enterprise information inquiry platform Qichacha.
Ganfeng LiEnergy's power battery; photo credit: Ganfeng LiEnergy
Founded in June 2011, Ganfeng LiEnergy has a line of businesses covering the R&D, production, and sales of lithium-ion batteries, fuel cell batteries, as well as energy storage batteries.
Ganfeng LiEnergy's majority shareholder is Ganfeng Lithium, one of the world's top producers of the commodity used in electric vehicle batteries. As publicly disclosed, Ganfeng Lithium is well known as a supplier of battery-grade lithium to clients including automakers like Tesla, BMW, and Volkswagen Group.
This was not the first time for Xiaomi to invest in lithium power battery companies. In August, Hubei Xiaomi Yangtze River Industry Fund Partnership (L.P.) appeared on the list of new investors of SVOLT Energy Technology Co., Ltd. (SVOLT), an EV battery manufacturer carved out of Great Wall Motor. The Xiaomi-sponsored industrial fund also invested in the CALB (China Aviation Lithium Battery Technology Co., Ltd.)'s Pre-A round funding that was closed at the end of 2020. Besides, the fund also controls 4.3% stake in COSMX, a Zhuhai-headquartered lithium ion battery supplier.
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