In July 2016, Phylion Battery completed its F round of financing. Phylion received two rounds of investment of more than one billion CNY in half a year. The new shareholder Suzhou Shengmai Equity Investment Center lead this investment along with existing shareholder Tibet Dagze Heju Investment Management Center.
The investors revealed that currently there are huge domestic demand for power batteries due to the rapid growth of electric vehicles, the market volume would be CNY 200 billion by 2020. With 13 years of rich experience in power Lithium-ion battery, Phylion’s high cost effective products take the leading position in the electric bicycles and electric logistic vehicles market due to “super Lithium manganate”.
The sales has doubled for a consecutive 3 years since 2014, it reached CNY 500 million by 2015. The investors are not only optimistic about the electric vehicles market but also confident in Phylion strength and long-term potential of growth.
This round of financing will mainly be used to research and develop core material of “Super Lithium manganate” and construct 2.5GWh manufacturing facility. With 100% annual average growth, Phylion plans to land its IPO in the capital market in 2019. Phylion’s targets for the next 5 years are to reach CNY 10 billion sales volume, CNY 10 billion market value and be a global leader in Lithium-ion battery industry.