China’s energy storage firm Megatech Group bags over 100 million yuan in Pre-A round

Shanghai (Gasgoo)- Chinese energy storage solution provider Megatech Group recently completed its Pre-A round of financing, which raised for the company over 100 million yuan, according to the corporate database platform Qichacha.

The fresh round was led by Beijing State-owned Capital Operation and Management Company Limited and attracted follow-up investments from Hua Capital, Westlake University Foundation, etc.

Established in January 2022, Megatech Group is an emerging intelligent energy storage system supplier founded by former Envision Energy’s executive, Luo Jianwei. The company focuses on independent R&D of electrochemical energy storage batteries, power electronics technology, and multi-terminal intelligent collaborative control technology. Since its establishment, Megatech Group has already completed three rounds of financing, and last year received exclusive angel investment from Hua Capital.

Company logo; photo credit: Megatech Group

Moreover, the company stands out as one of the few tech teams in China with integrated capabilities in the R&D and production of "battery + PCS" dual-core energy storage technology. Its core products include lithium battery energy storage systems, energy storage cells, and energy Internet of Things, catering to various applications such as power generation, power grid, commercial and industrial energy storage users, as well as local shared energy storage projects. Currently, the company has had strategic reserve orders exceeding 2.2GWh.

In September this year, Megatech Group plans to mass-produce its self-developed 280Ah lithium iron phosphate energy storage battery, which is expected to reduce the cost of energy storage systems by 8-12%. Furthermore, in September 2023, it will also mass-produce its self-developed 320Ah lithium iron phosphate energy storage battery with a cycle life surpassing 12,000 times, further lowering the LCOE (Levelized Cost of Electricity).

With the impetus of the "Dual Carbon" goals, the energy industry is undergoing a new transformation, and the energy storage sector is experiencing a rapid development. In just two years since its establishment, Megatech Group has set up R&D and testing centers in Hangzhou, Shanghai, Beijing, and Suzhou. Additionally, the company has established a global innovation center for power electronics in New York state, an international business operation headquarters in Singapore, and is preparing for an electrochemical energy storage joint innovation center in the United States' Bay Area.