Guoqiang Singsun Raises $137M in Series A+
China’s solar tracker developer Jiangsu Guoqiang Singsun Energy Technology secured an impressive 1 billion yuan ($137.4M) in a Series A+ funding round. CITIC Securities Investment, Costone Investment, China Communications Construction Company, and an affiliated fund co-led the investment. The first two are CITIC Securities subsidiaries, while the third is a renowned Chinese investment bank.
Prominent participants in the funding included CMB International, Zhongtai Venture Capital, and Zhongtai Venture Capital. Zhongtai Venture Capital, a 2 billion yuan ($275M) green fund, is backed by state-owned power station operator Dongfang Electric Corporation.
Founded in December 2020 and headquartered in Jiangsu province, the company specializes in developing, developing, manufacturing, and selling solar trackers and related intelligent solutions. These solar trackers optimize the positioning of solar panels to maximize sunlight exposure and energy absorption.
Operating as a subsidiary of China’s Jiangsu Guoqiang Group, the startup annually ships 45 GW of solar tracker equipment and software. Guoqiang Singsun’s products and services have captured the interest of China’s five largest state-owned electricity generation groups. Furthermore, the company has expanded its footprint to overseas markets, including Europe, Latin America, Southeast Asia, and the Middle East.
