PCG Power, a comprehensive energy management service provider jointly incubated by Poly Capital and Country Garden Ventures, has successfully raised its first external round of financing, raising RMB 500 million in Series A funding. Other investors in this round were all strategic and industrial investors, including Eastern Bell Capital, Huamei International, NIO Capital, Rockets Capital, Xiaofanzhou Venture Capital, Shanghai Yilian, and several top-listed companies in the photovoltaic industry. The addition of new investors alongside follow-on investors, Poly Capital and PCG Power Fund (a subsidiary of Country Garden Venture Capital) reflects investors' confidence in PCG Power's future potential. Yin Junping, partner at Eastern Bell Capital said, “The field of commercial and industrial distributed photovoltaic is highly complex and competitive that requires a combination of resources, mechanisms, and teams. As distributed photovoltaics continue to expand into photovoltaic energy storage integration and virtual power grids, there is enormous potential for the evolution of business models. PCG Power is uniquely positioned with inherent advantages in both scenarios and user experience, as well as innovative mechanism design and a highly experienced team. As a result, we are confident in their future and eagerly anticipate their progress.”
In 2020, Poly Capital and Country Garden Venture Capital jointly established the Poly Country Garden Industrial Chain Empowerment Fund. In June 2022, building upon the exploration and accumulation of carbon-neutral investments, they incubated “PCG Power”. The continued investment is a testament to their firm optimism in the application of new energy and its ongoing efforts in the field of carbon neutrality.
Li Wenxuan, the Chairman of PCG Power and Deputy General Manager of Poly Capital said, “The fact that we successfully raised RMB 500 million within a year of establishment is a very positive sign for us. The expansion of human knowledge and physical world is the driving force behind this energy revolution; and with the excellent resource endowment of shareholders, innovative techniques, and a highly skilled talent pool, we are uniquely positioned to take major strides and create our mark in the industry.
Niu Ruolei, co-Chairman of PCG Power and Managing Partner of Country Garden Venture Capital also expressed his strong conviction in the future of green energy. “Green energy is unarguably a tremendous industry opportunity for the next decade.”, he stated. PCG Power, according to Niu, is an innovative initiative that combines the shareholders' industry resources and the team's extensive experience in asset development, management, and operation. He further added, “The current round of financing exemplifies the market recognition for our strategic positioning, business model design, and governance system construction. We are confident in the growth potential of this company.”
The core management team of PCG Power was also remarkably well-established since the initial stage of the company's formation. Jin Rui, the former CEO of Jinko Power Technology, joined PCG Power in December 2022 as the CEO and has been assigned the responsibility of building the company's new energy business team and implementing new projects. Along with rich industry experience, he possesses the ability to quickly assemble teams and expand businesses on a large scale. In early 2016, he successfully led a team of over a hundred members to establish seven regional offices for Jinko Power, completing 3.2 GW of project reserves and 650 MW of project construction in just over a year, whilst rapidly growing grid connectivity. His addition to the team is expected to accelerate the company's development in the green energy industry.
Other team members include seasoned professionals with diverse backgrounds. Pang Bo, who holds a bachelor's degree from Peking University and an MBA degree from Oxford University, has been appointed as the General Manager of PCG Power, where he will be responsible for the company's strategic resource projects and government relations. With years of experience serving central enterprises in the real estate industry, Pang Bo brings with him full-process management expertise in real estate funds. Meanwhile, Yan Chichen, the Co-President of PCG Power, will oversee the company's investment and financing capital operations, as well as back-end operations. Yan Chichen, who holds dual bachelor's degrees from Peking University and dual master's degrees from Peking University and Hong Kong University, has extensive knowledge of finance and a wealth of resources accumulated from his work experience. Furthermore, the average industry experience of their business development team is over 10 years, with more experienced people continuously joining.
While the financing progressed smoothly, their business is also off to a good start. With a professional team, the company can rapidly respond to the core demands and new challenges of customers in the construction of new energy photovoltaic power plants. In the current competitive market, the company has set a three-year target of more than 5GW of new installed capacity based on practical business planning. Meanwhile, leveraging its industry ecosystem to deeply cultivate real estate and construction scenarios, the team also strives to create high-quality assets of 8-10GW in a short period, and expand distributed photovoltaics, energy storage, charging piles, energy management, and carbon management business.
Shaping the future of China's energy landscape, PCG Power has set its sights on becoming the largest comprehensive energy management services provider for parks and communities in the country. With a significant capital injection from its latest round of financing, it will allocate the majority of funds towards the development and construction of premium commercial and industrial distributed projects that were previously in the pipeline.
PCG Power is determined to build a more cost-effective, flexible, and intelligent energy supply model, leveraging its extensive industrial resources to gradually establish an integrated energy supply and service model that combines solar and energy storage solutions. PCG Power is poised to set a new standard for the sector, one that is both sustainable and forward-thinking.
