The Esid, Great Power and Scud Group-backed portable power storage technology developer received the funding at a $1bn valuation.
EcoFlow, a US-headquartered power bank producer backed by manufacturing services provider Esid and battery makers Great Power (Penghui Energy) and Scud Group, secured more than $100m in series B funding today.
Venture capital firm Sequoia China led the round, which included China International Capital Corporation, hedge fund manager Hillhouse Capital’s GL Ventures unit, Guoxin Yihe and WH Capital, and it valued the company at $1bn.
Founded in China in 2017, EcoFlow manufactures portable energy storage products it claims are low-carbon in design that can be charged with solar energy. The cash injection will help it further boost research and development efforts and expand its product range.
The company had received an eight-digit dollar amount in a mid-2019 series A-plus round featuring WH Capital, Guangzhou Yihe Investment, Jinpengjia Holdings and Beijing Sanghai Huitong Investment.
Esid, Great Power and Scud Group had supplied more than $4m in series A funding for EcoFlow the year before alongside Delian Capital and Chunjia Assets.