EVs have paved the way for growth in the lithium battery market. Benefiting from this new market opportunity, venture capital-backed, China based Jcnico (JieChengNico) has reported completion of Series B financing of several hundred million RMB.
As per reports, this round of financing was collectively led by Shenzhen Capital Group, Alibaba, Homwon Capital Chifortune Capital, Xinhui Xinke, Pingling Group, He Rong Capital and Longgang Capital. Leap Capital was the exclusive financial advisor for this round of financing. The funds collected from this round will be used to expand the battery recycling channel, develop application scenarios, technology development and capacity expansion.
Headquartered in Shenzhen, Jcnico deals in new energy, low-carbon environmental protection industry. It focusses on the recycling, storage, processing and sale of retired power batteries for new energy vehicles and lithium battery related waste materials.
As the market grows for the new energy vehicles, the amount of end-of-life lithium batteries will increase rapidly, making the secondary use of end-of-life batteries and resource recycling the next trillion-dollar new market.
With extensive involvement in the battery recycling industry, the company has built he entire industry chain around battery recycling procurement, storage and transfer, secondary utilization, dismantling and regeneration, and metallurgical refining.It has also built a digital recycling channel to extend the life cycle of batteries through leading technology methods, so that retired batteries can be effectively used in other fields and scenarios to achieve maximum value.
The company reached production capacity of 340,000 tons, by the end of last year.It has industrial bases in the Greater Bay Area and Yangtze River Delta, and is stuck in the new energy core locations of Shenzhen, Huizhou, Jiangmen and Changzhou, and is also planning to build several production bases in other parts of the country.
In the second half of this year, Jcnico plans to start its overseas business gradually.
