GEO completed a Series B financing round of $110 million, with Light Source Capital serving as the exclusive financial advisor.
Green Energy Origin (hereinafter referred to as "GEO") announced today that it has completed a Series B financing of $110 million. This round of financing was led by BlueCrest Capital Management, a world - class global investment institution. Qiming Venture Partners, as a new investor, along with existing shareholders Sofina, HSG, and NIO Capital, continued to increase their investment in the company. Light Capital served as the exclusive financial advisor for this round of financing.
Driven by the dual demands of electric vehicles and energy storage applications, the market demand for electrolytes and CNT slurries continues to grow. This round of financing will further enhance GEO's R & D and manufacturing capabilities, accelerate the global supply - chain layout, and fully promote GEO's commercialization process in the European and North American markets.
GEO's European Gigafactory has officially started supplying electrolytes and CNT slurries to world - class global customers. The factory is equipped with the industry's most advanced fully automated production lines, has obtained certificates such as ISO 9001, ISO 14001, and ISO 45001, and has passed the VDA6.3 automotive industry audit.
Tony Ma, Founder and CEO of GEO, said: "This round of financing demonstrates the trust and confidence of world - class global investors in GEO, injecting continuous development momentum into GEO. GEO will further strengthen its leading R & D capabilities, accelerate the construction of a global integrated vertical supply chain, continuously provide customers with the best products and services, and make every effort to contribute positively to a low - carbon future."
Against the backdrop of the continuous intensification of the supply pressure of key battery raw materials in Europe and the United States, electrolytes and CNT slurries have become core elements in the production process. GEO is filling the supply gap by building benchmark factories in Europe and the United States. Relying on the newly raised funds, the company will further strengthen the R & D of advanced materials and the integration of the global vertical supply chain.
"Since the establishment of GEO, Sofina has been cooperating with it. We highly recognize the efficient execution ability of its management team and its firm commitment to providing the best solutions for global customers. We are very pleased to further deepen our cooperation with Tony and the GEO team to help the company enter a new stage of development." Benjamin Sabatier, Partner at Sofina, said.
The successful completion of this Series B financing marks a crucial step for GEO in its global layout and the process of delivering next - generation battery materials to customers in key markets.
Li Hao, Partner at Light Capital, said: "We are very honored to assist the company in completing a new round of financing. GEO focuses on the core materials in the upstream of the lithium - battery industry chain. With absolute technological and engineering advantages and global customer - service capabilities, it has built internationally leading competitiveness. It is a perfect example of transforming the advantages of a mature industry into global commercial value. The team consists of top - notch industry experts with many years of experience. With a R & D network covering Europe, America, and Asia, efficient iteration capabilities, and vertical integration of key upstream raw materials, it continuously builds cost advantages and technological barriers. With its strong local execution ability, it set an industry record of building a gigafactory in 13 months in Europe. Through the model of 'gigafactory + full - process automation + rapid local service response', it accurately addresses the huge supply - chain gap in the European and American markets. We firmly believe in GEO's ability to serve the development of the global new - energy industry and its continuous contribution to environmental protection. We look forward to the company becoming a key force in promoting the global lithium - battery industry upgrade with its leading industrial layout, technological advantages, and efficient services."
Liu Mengsu, Vice President at Light Capital, said: "We highly recognize GEO's foresight in seizing the strategic opportunity of global energy transformation. During the strategic window period of reshaping the lithium - battery supply chain in the European and American markets, GEO has built strong cost advantages and technological barriers through technology - driven vertical integration and innovation in upstream core raw materials and fully automated and continuous processes. With extremely efficient execution ability, it established a European gigafactory equipped with the industry's most advanced automated processes in a short time, refreshing the industry's perception of implementation efficiency. With its rapid - response local service capabilities, it provides the best products and services with both immediacy and supply - chain security for international top - tier customers. We are very honored to assist the company in completing the financing. We firmly believe that GEO will rely on its leading technological innovation, excellent services, and global layout to continuously lead the technological upgrade and industrial development of global lithium - battery key materials and make important contributions to global green and sustainable development."