Grandway Advised Baobi New Energy on RMB 500 Million Series A Funding

Guangzhou Baobi New Energy Technology Co., Ltd. (“Baobi New Energy”) announced the successful completion of a RMB 500 million Series A round of financing, with the introduction of strategic investors and industrial capital, including Huamei International, NIO Capital, Eastern bell Capital, Rockets Capital,Xiaofanzhuo Capital, several listed companies in the PV industry chain, Shanghai Eliansy, etc. BaoBi Fund, the founding shareholder of Baobi New Energy, also participated in the follow-on investment.

In the context of the “carbon peak, carbon neutral” strategy, the country vigorously advocates the development of renewable energy, the photovoltaic industry ushered in a historic development opportunity. At present, the scale and capacity of China’s photovoltaic industry ranks first in the world, and photovoltaic power generation has become an important source of electricity in China, and the domestic installed photovoltaic capacity has continued to grow rapidly in recent years. According to the data of National Energy Administration, in 2021 the installed scale of distributed photovoltaic exceeds the installed scale of centralized photovoltaic for the first time. Distributed photovoltaic power generation advocates nearby power generation, nearby grid connection, nearby conversion, nearby use. It’s a new, broad development prospects of power generation and energy comprehensive utilization, and an important direction of future photovoltaic development. In the background of a favorable policy and market environment, Baobi New Energy was born.

Established in June 2022, Baobi New Energy is a comprehensive energy management service provider jointly incubated by Poly Capital and Country Garden, with distributed photovoltaic power plant investment and development as its core, and new energy system solution provider as its long-term development direction, providing comprehensive and high-quality green energy and carbon saving services to commercial and industrial owners. Backed by the accumulated industrial resources and capabilities of Poly Capital and Country Garden in the real estate industry, as well as the introduction of real estate industry ecological resources and new energy industry partners, Baobi New Energy is rapidly forming energy assets including distributed photovoltaic power plants and distributed energy storage. With a three-year target of more than 5GW of new installations and a short time to build 8-10GW of high quality assets, Baobi New Energy will expand its distributed PV, energy storage, charging pile, energy management and carbon management business. The goal is to becodme the largest campus community energy management and service provider in China in the future.

In less than one year since its establishment, Baobi New Energy has completed its first round of financing of RMB 500 million, which fully reflects the positive recognition and support from the market and capitalists, and reflects the confidence in the distributed PV market. Most of the funds from this round of financing will be used for the development and construction of high-quality commercial and industrial distributed projects, laying a solid foundation for further market expansion in the future.