Makè | Sunwoda EVB Announces Completion of Series A Funding, Led by Source Code Capital

#CodeEngraved Key Updates from Source Code Capital and MaHui Members

Sunwoda Electric Vehicle Battery Co., Ltd. (hereinafter referred to as "Sunwoda EVB") announced the completion of its Series A financing round of approximately RMB 8 billion, with Source Code Capital serving as a co-lead investor. Founded in 2014, Sunwoda EVB is committed to becoming a world-class provider of power battery system products and solutions. The proceeds from this round will be primarily used for capacity expansion, technology development, and product iteration.

Zeng Di, Vice President and Board Secretary of Sunwoda Electronic Co., Ltd., stated: "We highly recognize Source Code's comprehensive industrial chain layout in the dual-carbon sector. On one hand, Source Code invested early in Li Auto and Niu Technologies, building expertise in power battery scenarios, particularly among new car-making forces. On the other hand, in energy storage, Source Code has invested in numerous downstream application companies such as Poweroak, JD Energy, Anshi New Energy, and Maxxen — covering both B2C and B2B — which can enable deeper collaboration with our energy storage business going forward."

Sunwoda EVB's parent company, Sunwoda Electronic Co., Ltd. (stock code: 300207.SZ), was founded in 1997 and is a global leader in lithium-ion batteries. The company operates six major business segments: 3C consumer batteries, smart terminal products, power batteries, energy storage systems and energy internet, automation and intelligent manufacturing, and laboratory testing services. It ranks first globally in mobile phone battery shipments and is the largest supplier to Apple, Xiaomi, OPPO, vivo, and other major phone brands.

According to data from the China Automotive Power Battery Industry Innovation Alliance, China's cumulative power battery installations grew 110.6% year-over-year from January to July 2022. Sunwoda EVB's market share has risen rapidly, placing fourth among ternary lithium battery suppliers for the January-July period and advancing to third place in July 2022.

Sunwoda EVB offers complete power battery solutions encompassing cells, modules, BMS, battery packs, and testing, focusing on two major application scenarios: electric vehicle batteries and energy storage batteries. Through its HEV products and BEV fast-charging technology, the company has established a premium brand image and signed partnerships with major global OEMs, covering economy, performance, and luxury vehicle segments across more than 20 global customers and over 50 designated projects. Its hybrid electric vehicle (HEV) products have established partnerships with the vast majority of HEV manufacturers domestically and abroad, while its battery electric vehicle (BEV) products feature industry-leading fast-charging capabilities. The company boasts a top-tier industry team with R&D personnel having over a decade of deep expertise in the battery field.

Source Code Capital investor Wang Di commented: "Source Code Capital was among the earlier investment institutions to establish connections with the company and explore in-depth cooperation. Through extensive industry research, we observed the company's outstanding capabilities in materials R&D, product definition, and forward-looking development, as well as its strong competitive position in manufacturing processes, yield rates, and core customer portfolio. The company places heavy emphasis on R&D investment and technological innovation, achieving significant breakthroughs in new product lines such as ternary fast-charging batteries. This aligns closely with Source Code's investment thesis in the dual-carbon sector — firmly backing technological innovation and differentiated products."

As energy structure layouts evolve, energy technology innovation will accelerate and converge. New technologies and equipment continue to emerge in new energy development, multi-energy conversion, advanced energy storage, carbon capture utilization and storage, and energy system control. Digital technology and energy technology are deeply integrating, making energy systems smarter, more open, more efficient, and more user-friendly.

Leveraging its experience and strengths in technology-driven investing across sectors, Source Code Capital will focus on supporting companies with technological innovation in the dual-carbon space. Through the cross-pollination of technology and business, it will continue to deepen its investment footprint across the entire industrial chain.

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