(Yicai Global) Dec. 13 -- Chinese power battery maker Svolt Energy Technology has secured investment of CNY6 billion (USD942 million) just five months after a previous financing round.

Investors in the Series B+ fundraiser included industrial chain partners Sichuan Energy Investment Development and Han’s Laser Technology Industry Group, industry backers CDH Investments and Industrial Bank, as well as state-owned platforms from Zhejiang, Jiangsu, and Jiangxi provinces, Svolt said on Dec. 11.

The proceeds will go on the research and development of new technologies and the construction of the fourth phase of its production base, R&D center, and management headquarters in Changzhou, said Yang Hongxin, chairman and chief executive of the Baoding-based company.

Founded in 2018 after splitting from Chinese carmaker Great Wall Motors, Svolt has completed Series A and B rounds this year, raising CNY3.5 billion and CNY10.3 billion (USD1.6 billion), respectively. Great Wall’s Executive Director Wei Jianjun is Svolt’s controlling shareholder.

The drop in Great Wall’s shareholding and the introduction of new investors have helped Svolt to rapidly integrate into the market, win customers, and transform into an individual supplier, an analyst said.

On Dec. 8, Yang said Svolt is planning to seize 25 percent of the global power battery market by spending CNY200 billion (USD31.4 billion) to raise production capacity to 600 gigawatt-hours by 2025 from an initial goal of 320 GWh. The firm had just 1 percent of the market as of October.

Editor: Futura Costaglione