China Energy Storage Completes Over RMB 1 Billion Series A Round to Advance Advanced Compressed Air Energy Storage Commercialization
Both its R&D progress and system performance are at the international forefront.
Recently, CNES (Beijing) Technology Co., Ltd. (hereinafter referred to as "CNES") announced the completion of its Series A funding round, raising over 1 billion RMB. This round was led by China Development Bank Manufacturing Transformation and Upgrading Fund and Cinda Kunpeng, with participation from multiple new and existing shareholders as well as industry investors. Gaorong Ventures participated in CNES's Pre-A+ round in 2022.
CNES is a pioneer and leader in China's compressed air energy storage (CAES) sector, as well as an internationally leading provider of CAES system solutions. Its technology originates from the Institute of Engineering Thermophysics, Chinese Academy of Sciences (CAS).
The Institute of Engineering Thermophysics, CAS, began CAES technology R&D in 2004 and originally proposed the new principles of advanced compressed air energy storage technology. This technology offers advantages including large scale, low cost, long lifespan, clean and pollution-free operation, unrestricted storage cycles, and no dependence on fossil fuels or geographic conditions. It represents a highly promising long-duration, large-scale energy storage technology, primarily applicable to generation-side, grid-side, and select large industrial users.
In recent years, CNES has achieved continuous breakthroughs in advanced CAES technology. It has built the world's first Zhangjiakou 100MW advanced CAES national demonstration power plant, with all core equipment performance indicators meeting design specifications. The facility successfully connected to the grid and began power generation in September 2022, significantly accelerating the industrialization of this technology.
Zhangjiakou 100MW Advanced Compressed Air Energy Storage System Generator Unit
Building on this foundation, CNES has also made notable progress in 300MW advanced CAES technology R&D and demonstration project construction, with multiple demonstration projects advancing simultaneously. Currently, CNES is pushing forward 100-300MW advanced CAES demonstration projects across multiple provinces including Henan, Shandong, Ningxia, and Jiangsu. Its completed, under-construction, and registered projects now exceed 4,000MW in total capacity, demonstrating strong industrialization prospects.
