US-Chinese energy firm EcoFlow raises over $100m in GL Ventures-led round

Photo: EcoFlow

US and China-based portable power station maker EcoFlow has raised more than $100 million in a Series B round of financing led by GL Ventures, the venture capital unit of private equity firm Hillhouse Capital. 

The round brings the company’s market valuation to $1 billion, according to a company statement on Thursday. 

Proceeds from the latest funding round will be used to bankroll the research and development of clean energy storage products.  

EcoFlow was established in 2017 by Lei Wang, a former engineer at Chinese drones giant DJI. The company provides portable power stations for household, outdoors and industrial use. Its offerings include solar panels and its power stations can be recharged using solar energy.

The company claimed to have secured “millions of US dollars” in a Series A+ round of financing backed by WG Capital, Guangzhou Yihe Investment, Jinpengjia Holdings and Beijing Sanghai Huitong Investment in 2019.

Prior to that, in 2018, it had raised $4 million in a Series A round from tech-focused Delian Capital, battery specialist Great Power and other investors. 

Last year, China’s President Xi Jinping pledged to make China “carbon neutral” by 2060. The country has also vowed to boost the share of non-fossil fuels in primary energy consumption to around 25% by 2030.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.