- Zoolnasm recently completed its Series A2 financing round, bringing the total Series A financing amount to nearly RMB 300 million ($42 million).
- The funds will be primarily used for technological R&D, capacity expansion, and market development.
Chinese sodium-ion battery startup Jiangsu Zoolnasm Energy Technology has completed a new financing round, one of the few in the sector in recent years.
Zoolnasm recently completed its Series A2 financing round, bringing the total Series A funding to nearly RMB 300 million ($42 million), the company announced today.
Investors in the Series A2 round include Tiande Investment and existing shareholder Saize Capital, according to a statement.
The funds from this round will be primarily used for technological R&D, capacity expansion, and market development, Zoolnasm said.
Zoolnasm was founded in January 2021 and is headquartered in Suzhou, Jiangsu province, eastern China.
In March 2022, the company received investment from Country Garden Venture Capital, the venture capital arm of Country Garden, though the amount was not disclosed at the time.
On November 19, 2023, the company broke ground on its sodium-ion battery manufacturing base project in Guangde, Anhui province, marking its first sodium-ion battery mass production facility.
The total planned investment for the manufacturing base project was RMB 10 billion, with an annual production capacity of 20 GWh of sodium-ion battery cells and 10 GWh of sodium-ion battery systems.
In late October last year, Zoolnasm received a nomination letter from an international automotive parts company, becoming the customer's sodium-ion battery supplier.
The project was expected to last four years, with a total procurement value of about RMB 200 million over its lifecycle, according to an announcement at the time.
($1 = RMB 7.1838)
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