EcoFlow, a battery startup company based in San Francisco and China, has raised over $4 million Series A from Delia Capital, SCUD Group, Guangzhou Penghui Energy and Chunjia Assets, the company announced on April 27.
EcoFlow said it will use the proceeds to expand R&D and sales, further deploy energy storage products, and expand into new markets.
Established in 2016, the startup has already raised over $10 million in capital from leading supply chain and manufacturing companies.
“We took our seed round and Series A purely from the most prestigious supply chain goliaths and investors in China, creating essentially a ‘soft’ vertical integration of our supply chain. We are standing on the shoulders of giants while retaining the nimbleness of a startup,” said Eli Harris, co-founder and CEO of EcoFlow.
Guangzhou Penghui Energy is a leading battery cell manufacturer, while SCUD Group is an investment holding company that handles production and sale of various rechargeable lithium-ion battery modules. Delian Capital and Chunjia Assets are institutional supply chain investors.
EcoFlow’s flagship product River mobile power station was launched in April 2017 and offers a mobile power solution for different needs such as campsites, rooftops or in developing countries facing power shortages. The product allows up to 11 devices to be charged simultaneously.
EcoFlow is already chalking up plans for the next round of fundraising to sustain its momentum. “The company will be raising its Series B later this year, with a focus again on strategic partners in the areas of power generation and retail distribution,” the company said in its statement.