China's SVOLT EV battery maker wins $1.6b in Series B funds

Bank of China's investment arm supports development of crucial EV component

SVOLT during the next four years plans to spend more than $4 billion building more factories around the world. © Reuters

EUDORA WANG, DealStreetAsia

August 2, 2021 13:22 JST

HONG KONG -- A Chinese EV battery maker and storage solutions provider has concluded a 10.28 billion yuan ($1.6 billion) Series B, one of the biggest funding rounds for a privately held company in China.

SVOLT Energy Technology's latest round was led by Bank of China Group Investment (BOCGI), a Hong Kong-incorporated direct investment arm of Bank of China (BOC).