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Yun Neng Magic Cube Completes Tens of Millions in Strategic Funding Round
Published:2023-10-31
Recently, Suzhou Yunneng Magic Cube Energy Technology Co., Ltd. (hereinafter referred to as: Yunneng Magic Cube) completed a strategic financing round worth tens of millions of yuan. This marks another funding milestone for Yunneng Magic Cube, following its angel-round financing last September. The latest round was led by Wuchan Huanneng and Wuchan Zhongda Investment, with participation from Value-Added Investment and existing angel-round investor Jinzheng Capital. The funds raised will primarily be used to significantly expand production capacity, accelerate the technological advancements of next-generation distributed energy storage systems, modular energy storage inverters, energy-storage-enabled charging piles, safety early-warning management platforms for energy storage power stations, intelligent operation-and-maintenance management platforms for energy storage facilities, and the VPP (Virtual Power Plant) dispatch and control platform—while also bolstering the expansion and development of both domestic and international business channels.
This round's lead investor is Zhejiang Cihua Environmental Energy Co., Ltd., a large state-owned, publicly listed enterprise integrating "energy trading + energy industry." Meanwhile, Cihua Zhongda Group Investment Co., Ltd. is a capital investment management firm under Cihua Zhongda Group, one of the world’s top 500 companies. Value-added Investment focuses on venture capital investments in emerging sectors such as new energy, semiconductors, and high-end manufacturing. Goldstone Capital has been an early-stage investor in well-known companies in the new energy industry, including GoodWe and RuikeDa, and has closely witnessed the rapid growth of the new-energy vehicle, materials, and photovoltaic perovskite industries in recent years.
Under the "Dual Carbon" framework, with the large-scale adoption of renewable and distributed energy sources, the demand for distributed energy storage is steadily growing. According to data from the China Business Industry Research Institute, China's newly installed energy storage capacity is expected to reach 13.4 GW in 2023, bringing the cumulative installed capacity to 72.8 GW. However, as the distributed energy storage market is still in its early stages, the product standardization system remains incomplete, leaving significant room for improvement in both product safety and intelligence levels. Moreover, business models that enable seamless interaction with smart grids are still in the exploratory phase.
Founded in 2022, Yunneng Magic Cube is an innovative technology enterprise focused on distributed energy storage and smart grid solutions. It was established by Dr. Zhang Jianxing, who serves as the lead drafter of the national standard for energy storage inverters and is also a member of the Ministry of Science and Technology’s expert panel on "Energy Storage and Smart Grids." The company boasts a team of over 70 members, with its core technical team drawn from industry leaders such as State Grid Corporation of China, Xuji Group, and NIO—companies renowned for their expertise in energy storage and smart grid technologies. These team members bring extensive experience in R&D, system integration, engineering applications, and the development of industry standards in the energy storage and smart grid sectors. Notably, team members have contributed to drafting more than 10 national and industry standards in the fields of energy storage and smart grids, while also leading six major provincial- and ministerial-level scientific research projects. As a result, the company holds a competitive edge in advanced technologies and demonstrates strong innovation capabilities in the energy storage and smart grid domains.
In terms of product advantages, Yuneng Magic Cube has developed standardized, complete sets of energy storage system equipment. Leveraging its innovative "6S+EDR" solution, the company enables next-generation upgrades across its product line, encompassing components such as PCS (Energy Storage Converter), BWS (Battery Warning System), EDR (Fault Recorder System), EMS (Monitoring and Energy Management System), HCS (High-Speed Control System), DPS Distributed Energy Storage Cabinets, and DCS Distributed Smart Grid Operation Control Cabinets. This approach ensures that every product—from individual components to entire cabinets and systems—is available as both standard versions and tailored solutions. Take the BWS Battery Warning System as an example: Yuneng Magic Cube continuously refines its cloud-based machine learning algorithms while integrating lightweight local computation and inference capabilities. By seamlessly linking ultra-long-term early warning with proactive protection mechanisms within the energy storage system, the company effectively enhances the overall safety performance of its products.
As of now, Yuneng Magic Cube has established strong collaborative relationships with institutions and universities such as Huazhong University of Science and Technology, China Electric Power Research Institute, and State Grid Smart Grid Research Institute. It has also signed strategic cooperation agreements with several central state-owned enterprises and publicly listed companies in areas including technology development, product innovation, and joint project initiatives. Additionally, the company has forged robust supply partnerships with well-known battery manufacturers in the industry. Furthermore, Yuneng Magic Cube has embarked on collaborative projects with leading central state-owned enterprises, renowned energy firms, and integrated energy investment companies, and has even formed a joint venture with Zhejiang Provincial Materials Group’s New Energy Company. Notably, this year, Yuneng Magic Cube initiated its expansion into overseas markets, accelerating its efforts to tap into the global energy storage sector. Currently, the company boasts market-ready orders exceeding 1 billion yuan.
This round of strategic financing will provide robust support to Yuneng Magic Cube across multiple dimensions, including industrialization, supply chain optimization, and channel development, empowering the company to achieve even greater growth. In terms of product R&D, it will help accelerate Yuneng Magic Cube’s core competitive advantages in areas such as PCS, EMS, digital operations and maintenance, dispatch control, and safety management. On the industrialization front, the funding will enable Yuneng Magic Cube to expand its production capacity, delivering a comprehensive range of high-standard, highly secure, and intelligent energy storage system products tailored for the burgeoning energy storage market. Meanwhile, by leveraging integrated resources from various partners, the financing will assist Yuneng Magic Cube in reducing costs while boosting efficiency. Finally, in terms of channel development, Yuneng Magic Cube will collaborate with industry stakeholders to build innovative business channels—such as the groundbreaking "100 Industry Partner Empowerment Program," the "Super Intermediary" initiative, and the "All-Round Pioneer" model—to aggressively tap into both domestic and international markets.
Dr. Zhang Jianxing, founder and chairman of Yunneng Magic Cube, stated: "In the fiercely competitive market, Yunneng Magic Cube will remain committed to a long-term approach, fully leveraging our ability to innovatively integrate and develop a series of products tailored to the needs of power systems, as well as our expertise in system integration. We will continuously introduce cutting-edge, competitively superior new products, positioning ourselves for sustained success through forward-thinking strategies and strategic differentiation."
Investor Perspectives
Wuchan Huaneng & Wuchan Zhongda Investment: "Yuneng Magic Cube is an innovator in the distributed energy storage and smart grid systems industry. The team boasts years of experience working with the State Grid, demonstrating a deep understanding of energy storage and power systems—and the ability to creatively develop industry solutions tailored to specific power system needs. We believe Yuneng Magic Cube will emerge as a pioneering energy storage technology company with far-reaching influence across the industry, poised for even greater growth opportunities ahead."
Value-added investment: "As wind and solar new energy continue to thrive, they are also driving a robust demand for energy storage. The power grid is undergoing a transformative shift—from 'source-grid-load' to 'integrated source-grid-load-storage'—a development that presents a new opportunity defined by the times. Yuneng Magic Cube is uniquely positioned to deliver forward-thinking, cutting-edge solutions to the industry, showcasing tremendous potential in the process. We believe Yuneng Magic Cube will become a key catalyst in the energy storage sector, and together, we’ll unlock the limitless possibilities of tomorrow."
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