Bairang New Energy Technology (Shenzhen) Co., Ltd. announced that it will receive CNY 50 million in an equity round of funding on August 30, 2022. The transaction included participation from new investors Yongtai Energy Co., Ltd. for CNY 10 million and Hainan Haide Capital Management Co., Ltd. CNY 40 million. The transaction was raised at a pre-money valuation of CNY 560 million.

The transaction was approved by 17th meeting of the 9th board of directors of the company on August 30, 2022.