- Companies
- Qiyuan Core Power Technology
Qiyuan Core Power Technology Valuation, Funding & Investors
Qiyuan Core Power Technology is valued at $1B as of January 2024.
Last Qiyuan Core Power Technology valuation
$1B
Series B · Jan 2024
Last Qiyuan Core Power Technology funding round
$209M
Series B · Jan 2024
Cumulative funding Qiyuan Core Power Technology raised
$356M
across 2 funding rounds
Key investors in Qiyuan Core Power Technology
Fresh Capital
Keyuan Industry Fund
National Green Development Fund
Bank of China Financial Assets Investment
Zhuhai Gree Financial Investment Management
Infore Group
Qiyuan Core Power Technology Overview
About Qiyuan Core Power Technology
Qiyuan Core Power Technology is a green energy provider developing wind farms and solar projects in Inner Mongolia and Shandong provinces of China. Beijing-headquartered, the company operates facilities with combined capacity surpassing 2 gigawatts and supplies power to State Grid Corporation.
Founded
2020
HQ
Website
Status
Privately held
Customer focus
B2G
Revenue model
Usage-based
Valuation
$1B (Jan 2024)
Qiyuan Core Power Technology Valuation
Qiyuan Core Power Technology is currently valued at $1B, based on its Series B in January 2024.
The $209M round included Infore Group, Bank of China Financial Assets Investment, China Power, Taihang Industrial Fund, Keyuan Industry Fund and 4 other investors.
Qiyuan Core Power Technology valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jan 2024 | Series B | $1B |
Qiyuan Core Power Technology Funding History
Qiyuan Core Power Technology has raised a total of $356M across 2 funding rounds.
Qiyuan Core Power Technology's first fundraising round was a $147M Series A in August 2022. The most recent completed round was a $209M Series B in January 2024.
Qiyuan Core Power Technology funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2024 | Series B | Infore Group; Bank of China Financial Assets Investment; China Power; Taihang Industrial Fund; Keyuan Industry Fund; Wuxi Fund Park; Zhuhai Gree Financial Investment Management; Fresh Capital; National Green Development Fund | $209M | $1B | Shanghai Qiyuan Core Power Technology Co., Ltd. develops battery swapping solutions for electric heavy trucks and construction machinery, providing a network of charging and swapping stations for applications in steel mills, mines, ports, concrete production, power plants, waste transportation, and logistics. The company achieved full business coverage in key scenarios by December 2024 and expanded to pilot cities like Yibin, Tangshan, and Baotou. In 2024, it delivered 20,000 electric heavy trucks and machines, built 151 battery stations, and supplied 16,000 T-BOX units to over 20 OEMs, securing top market share. On January 3, 2024, Qiyuan completed a Series B funding round raising CNY 1.5 billion (approximately $209-211 million) from investors including National Green Development Fund, BOC Financial Asset Investment (Bank of China Financial Assets Investment), Gree Electric Appliances (Zhuhai Gree Financial Investment Management), and others such as China Power, Fresh Capital, Infore Group, Keyuan Industry Fund, Taihang Industrial Fund, and Wuxi Fund Park. The post-money valuation reached over CNY 7.1328 billion (over $1 billion USD), earning unicorn status. This followed a Series A of CNY 1 billion (about $140 million) earlier noted in company timeline. The round supports expansion of battery swapping infrastructure amid China's push for green transport, with milestones like the maiden voyage of the 120TEU electric container ship 'Jiangyuan Baihe' and approvals from the Ministry of Transport. Qiyuan follows prior funding including a 2022 Series A equivalent to $223 million per some reports. |
| Aug 2022 | Series A | - | $147M | - | Qiyuan Core Power Technology develops charging and battery swapping stations for heavy-duty trucks. The company raised a Series B round of $211.2M in 2024, with investors including China Electric Power, National Green Development Fund, Shangxian Fund, Bank of China, Gree Financial Investment, Infore Group, and Taihang (Shenzhen) Private Equity Industry Fund. |
Who has invested in Qiyuan Core Power Technology?
9 investors have backed Qiyuan Core Power Technology across its funding rounds, including Fresh Capital, Keyuan Industry Fund, National Green Development Fund, Bank of China Financial Assets Investment, Zhuhai Gree Financial Investment Management and Infore Group.
Qiyuan Core Power Technology Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Jan 2024 | ||
| 1 | Participant | Jan 2024 | ||
| 1 | Participant | Jan 2024 | ||
| 1 | Participant | Jan 2024 | ||
| 1 | Participant | Jan 2024 | ||
| 1 | Participant | Jan 2024 | ||
| 1 | Participant | Jan 2024 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialQiyuan Core Power Technology Competitors
Qiyuan Core Power Technology competitors include listed companies like Greencoat Renewables and Banpu Power, and private ones like Mainspring Energy, Sinopec Green Energy, SKIO Matrix and Climeworks.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1.1B | - | ||
| Publicly listed | ($45M) | ($8M) | $978M | 24.4x | ||
| Publicly listed | - | - | $1.1B | - |
Qiyuan Core Power Technology Public Comps
Qiyuan Core Power Technology is still privately-owned, but its public comps include Thungela Resources, HighPeak Energy, Rockhopper Exploration, XPLR Infrastructure, Jiangsu Zongyi Co, Arendals Fossekompani, Greencoat Renewables, Polenergia, Edenor and Banpu Power.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.8B | ($279M) | 0.4x | 0.3x | (2.3x) | 3.3x | |||
| $863M | $585M | 2.4x | 2.4x | 3.6x | 3.6x | |||
| - | ($42M) | - | - | (21.3x) | (98.3x) | |||
| $1.2B | $607M | 11.8x | 10.7x | 23.0x | - | |||
| $70M | $41M | 16.0x | - | 27.6x | - | |||
| $394M | $33M | 2.9x | 42.1x | 34.7x | 101.3x | |||
| ($45M) | ($8M) | (51.9x) | 24.4x | (278.9x) | 24.6x | |||
| $1.1B | $75M | 1.5x | 1.6x | 21.8x | 12.6x | |||
This data is available for Pro users. Sign up to see all Qiyuan Core Power Technology competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Qiyuan Core Power Technology
| When was Qiyuan Core Power Technology founded? | Qiyuan Core Power Technology was founded in 2020. |
| Where is Qiyuan Core Power Technology headquartered? | Qiyuan Core Power Technology is headquartered in Shanghai, China. |
| Is Qiyuan Core Power Technology publicly listed? | No, Qiyuan Core Power Technology is a private, VC-backed company. |
| What is Qiyuan Core Power Technology's valuation? | Qiyuan Core Power Technology was last valued at $1B in its Series B in January 2024. |
| How much funding has Qiyuan Core Power Technology raised? | Qiyuan Core Power Technology has raised $356M across 2 funding rounds. |
| What was Qiyuan Core Power Technology's last funding round? | Qiyuan Core Power Technology's last funding round was a $209M Series B in January 2024. |
| Who are Qiyuan Core Power Technology's investors? | Qiyuan Core Power Technology's investors include Infore Group, Bank of China Financial Assets Investment, China Power, Taihang Industrial Fund, Keyuan Industry Fund, Wuxi Fund Park, Zhuhai Gree Financial Investment Management, Fresh Capital and National Green Development Fund. |
| Which companies are comparable to Qiyuan Core Power Technology? | Companies comparable to Qiyuan Core Power Technology include Mainspring Energy, Sinopec Green Energy, SKIO Matrix, Climeworks, Greencoat Renewables and Banpu Power. |
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