PVTIME – On 13 June 2023, PCG Power, a comprehensive energy solution provider jointly incubated by Poly Capital and Country Garden Ventures, announced the successful completion of its 500 million yuan Series A+ financing.
The investors are capital companies and listed companies in the new energy industry, including Hua Venture, Sunwoda Energy, Sense Capital and APsystems, etc. Poly Capital and PCG Fund, a subsidiary of Country Garden Ventures, Huamei International and Eastern Bell Capital continued to follow the investment as founding shareholders. FanZhuo Capital acted as exclusive financial advisor for the round.
PCG Power has raised a total of nearly 1 billion yuan in Series A and Series A+ financing. The Series A funds was planned to mainly be used for the development and construction of high-quality industrial and commercial distributed projects reserved in the previous period, which are currently well underway. The Series A+ will primarily be used for the energy storage projects and the related management and technology development platform.
It is expected to become the leading comprehensive energy management service provider mainly for parks and communities in China. PCG Power has set a three-year target of more than 5GW of newly installed renewable energy capacity. Meanwhile, it also plans to build 8-10GW of high quality facilities in a short period of time, and expand the business of distributed solar power systems, energy storage, EV charging stations, energy and carbon management.
