GAC, Tencent-backed Greater Bay Technology secures 1 bln yuan in Series A financing

Shanghai (Gasgoo)- Guangzhou Greater Bay Technology Co., Ltd. ("Greater Bay Technology", or“GBT”), which specializes in the production, development and sales of super-fast charge lithium batteries, announced on May 5 it bagged nearly 1 billion yuan ($149.894 million) in the A funding round, which attracted such investors as Borun Capital, Nan Yue Fund, Tencent Investment, Canton Financial Investment, and Xidea.

Photo credit: GBT

Upon completion of the aforesaid financing round, GBT will continue to step up the R&D of the super-fasting charging technology XFC (eXtreme Fast Charging), speed up expanding the production capacity of the XFC batteries, and promote the deployment of the XFC ecosystem, said the company.

To be specific, GBT will vigorously push ahead with the construction of the first-phase production base and the R&D center at its headquarters, and the building of the production capacity co-developed with partners. The company expects to add an annual production capacity of 8GWh XFC batteries next year, which would be able to serve around 120,000 NEVs.

Founded in Sept. 2020, GBT is the first high-tech company incubated by GAC Group with private investors taking the controlling stake. It is dedicated to the R&D, production, sales, and services of the XFC power batteries, and the next-generation high-performance energy storage devices and systems.

According to the business data inquiry platform Tianyancha, prior to the newly-unveiled A round, GBT had already closed two funding rounds—the Angel and the Pre-A rounds.

The company developed its XFC technology in April 2021 and installed it on GAC Motor's AION V PLUS EV in Sept. 2021, a sign that the technology has gone into volume production.