China-based Talent New Energy said it had raised more than 100 million yuan in a Series A financing round as it hopes to increase its solid-state battery production.
Legend Capital led the funding, which Talent said would be used to establish an advanced energy materials research institute and a new energy technology industrialisation research centre in Beijing.
Talent New Energy said its first semi-solid-state power battery production line in Chongqing will be put into production in October this year,
The firm , also known as Chongqing Tailan New Energy, said it is accelerating the mass production and commercialisation of semi-solid-state lithium batteries and hopes to launch an all-solid-state lithium-ion battery for vehicles at the end of this year.
Legend Capital said the penetration rate of new energy vehicles in China reached 25.3% in April, and according to the industry forecasts, it will increase to 35% by the end of the year.
Legend Capital has invested in several new economy companies focusing on energy, including Shenzhen-listed Wuxi Lead Intelligent, CNGR Advanced Materials and Colibri Technologies, and Shanghai-listed Putailai New Energy and Hymson Laser.
It was also an early investor in battery giant CATL.