HONG KONG, June 16, 2022 – (ACN Newswire) – Legend Capital’s portfolio company Talent New Energy, a new Chinese powerhouse in the solid-state battery industry, recently announced the completion of its Series A++ financing round with several hundred million RMB. Legend Capital initially invested in Talent New Energy by joining the Pre-A financing round and continued to support the company’s development by following up this Series A++ financing round.
With the improved battery technology and continuous high oil prices, the penetration rate of new energy vehicles is rising. The penetration rate of new energy vehicles in China reached 25.3% in April, and according to the industry forecasts, it will increase to 35% by the end of the year. Under the global background of carbon peaking and carbon neutrality, the wind power, photovoltaic and energy storage industry are also ushering in a golden era, gradually replacing the traditional fossil energy. With the technical advantages of high safety and high specific energy, it is widely believed in the industry that solid-state batteries will become the next trillion-level super track and the ultimate solution for battery technology.
Technology innovation is the core path to support the realization of carbon neutrality. With the acceleration of vehicle electrification, applications such as energy storage have opened up a new trillion-level market. Legend Capital actively explores suitable investment opportunities in more advanced lithium battery technologies. As a brand-new technology solution, new energy solid-state batteries have been deeply explored by many giants and startups in China and around the world. With nearly 20 years of international and domestic solid-state battery R&D technology accumulation, the Talent New Energy team has determined the oxide technology route and the gradual development path from mixed solid-liquid to all-solid-state lithium battery since the establishment of the company in 2018.
Legend Capital stated: “under the leadership of the founder Dr. GAO Xiang, the Talent New Energy team has been conducting R&D with the goal of industrialization, not only achieving a comprehensive breakthrough in product performance but also making Talent New Energy the leading semi-solid-state battery company in the market in terms of mass production capability. After the completion of the first investment in Talent New Energy last year, Legend Capital has continued to support the company’s development by investing in each subsequent round of Talent New Energy’s financing, helping the company become a leader in the solid-state battery industry in various aspects such as capital and industrial resources.”
It is reported that Talent New Energy’s first semi-solid-state power battery production line in Chongqing will be put into production in October this year. Talent New Energy said that after this round of financing, the company would accelerate the integration of technological resources to set up an advanced energy materials research institute and a new energy technology industrialization joint R&D center in Beijing. The company is accelerating the mass production and commercialization of semi-solid-state lithium batteries and striving to launch the all-solid-state lithium-ion battery at the end of this year, providing advanced and reliable energy solutions to the new energy vehicle industry and electrochemical energy storage industry and providing “energy blocks” for the construction of new infrastructure for high-efficiency cross-space-time energy storage in the future human society.
Under the goals of carbon peaking and carbon neutrality, Legend Capital’s investments focus on energy system decarbonization, vehicle electrification/intelligence and synthetic biology. Energy decarbonization includes photovoltaics, wind power, smart grids; vehicle electrification/intelligence includes lithium battery vehicles, hydrogen fuel cell vehicles, battery recycling and others.
Legend Capital has long been optimistic about the electrification, intelligence, and automation of new energy vehicles. It has invested in numerous enterprises in automation equipment, lithium batteries and material in the past 10 years, many of which were went public successfully, such as Wuxi Lead Intelligent (300450.SZ), CNGR Advanced Material (300919.SZ), Putailai New Energy (603659.SH), Hymson Laser (688559.SH), Colibri Technologies (002957.SZ). Legend Capital is also one of the early investors of CATL (300750.SZ).
Topic: Press release summary
Source: Legend Capital
Sectors: Energy, Alternative Energy, PE, VC & Alternatives
From the Asia Corporate News Network
Copyright © 2022 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
Donors pledge $160 million, Palestinian refugees need more
UNITED NATIONS — Donors pledged about $160 million for the U.N. agency helping Palestinian refugees, but it still needs over $100 million to support education for more than half a million children and provide primary health care for close to 2 million people and emergency cash assistance to the poorest refugees, the agency’s chief said Friday.
Briefing reporters on the outcome of Thursday’s donor conference, Philippe Lazzarini said the pledges when turned into cash will enable the U.N. Relief and Works Agency known as UNRWA to run its operations through September. But “I do not know if we will get the necessary cash to allow us to pay the salaries after the month of September,” he said.
“We are in an early warning mode,” Lazzarini said. “Right now, I’m drawing the attention that we are in a danger zone and we have to avoid a situation where UNRWA is pushed to cross the tipping point, because if we cross the tipping point that means 28,000 teachers, health workers, nurses, doctors, engineers, cannot be paid.”
UNRWA was established to provide education, health care, food and other services to the 700,000 Palestinians who fled or were forced from their homes during the war surrounding Israel’s establishment in 1948.
There are now 5.7 million Palestinian refugees, including their children and grandchildren, who mostly live in camps that have been transformed into built-up but often impoverished residential areas in the Israeli-occupied West Bank, east Jerusalem and Gaza, as well as in Jordan, Syria and Lebanon. But UNRWA only helps the more than 500,000 in school and close to 2 million who have health benefits.
Lazzarini said the more than $100 million shortfall in funding for 2022 is about the same as the shortfall that UNRWA has faced every year for almost a decade, but while income has stagnated costs have increased.
In past years, UNRWA has been able to absorb the shortfall through austerity and cost control measures, he said, but today it’s not possible because there is very little left to cut without cutting services.
“Today, we have some classrooms with up to 50 kids,” the UNRWA commissioner-general said. “We have a double shift in our schools. We have doctors who cannot spend more than three minutes in medical consultation. So if we go beyond that, it will force the agency to cut services.”
Lazzarini said UNRWA’s problem is that “we are expected to provide government-like services to one of the most destitute communities in the region, but we are funded like an NGO because we depend completely on voluntary contributions.”
Funding the agency’s services has been put at risk today because of the “de-prioritization, or maybe increased indifference, or because of domestic politics,” he said.
Lazzarini said the solution to UNRWA’s chronic financial problem requires “political will” to match the support for the agency’s work on behalf of Palestinian refugees.
He said UNRWA has a very strong donor base in Europe and last year the Biden administration resumed funding which was cut by the Trump administration, but he said the overall contribution from the Arab world has dropped to less than 3% of the agency’s income.
Donors have also faced financial difficulties stemming from the COVID-19 pandemic, and now there’s a major effort to help Ukraine in its war with Russia, he said.
“We will know better at the end of the year how much it will impact the agency,” Lazzarini said.
Some donors have already warned UNRWA “that we might not have the traditional top-up at the end of the year, which would be dramatic” for the agency, he said.
Ahead of Thursday’s donors conference, Israel’s U.N. Ambassador Erdan Calls on countries to freeze contributions until all UNRWA teachers that it claims support terrorism and murdering Jews are fired.
Lazzarini said UNRWA received a letter from Israel’s U.N. Mission Friday which he hadn’t read, but he said all allegations will be investigated and if there is a breach of U.N. values and misconduct “we will take measures in line with U.N. policies.”
Mexico climber dies scaling active, off-limits volcano
MEXICO CITY — A woman mountain climber in Mexico died and a climbing companion was injured when they scaled the highly active, off-limits peak of the Popocatepetl volcano.
Mexico’s volunteer Mountain Rescue and Assistance Brigade confirmed Friday that the climbers fell into a gully about 1,000 feet (300 meters) from the volcano’s crater, suggesting they had reached the crater or near it.
The crater of the 17,797-foot (5,426-meter) tall volcano has been belching toxic fumes, ash, and lumps of incandescent rock persistently for almost 30 years.
Civil defense authorities have strictly prohibited climbers from going within 7.5 miles (12 kilometers) of the peak since it began erupting again in 1994.
Valentín Martínez Castillo, the mayor of the nearby town of Ozumba, identified the dead woman as a 22-year-old resident of the town.
Martínez Castillo wrote in his social media accounts that the climbers fell about 150 feet (50 meters) down a gully, and that the woman’s body and the surviving climbers had been successfully removed from the peak.
The Mountain Rescue and Assistance Brigade posted a notice on their social media Friday reading: “She shouldn’t have died. Don’t put your life or those of others at risk. The Popocatepetl volcano is closed.”
The country’s National Disaster Prevention Center said it “calls on people not to go near the volcano, especially the crater, due to the risk of falling ballistic fragments.”
Popocatepetl is located 45 miles (72 kilometers) southeast of Mexico City, and occasionally showers ash on surrounding towns and some parts of the capital.
Bill Clinton: Supreme Court’s Roe v. Wade decision has ‘put our democracy at risk’
Former President Clinton is slamming the Supreme Court’s ruling to overturn Roe v. Wade, saying it contributes to putting “democracy at risk” and calling the high court “radical” and “activist.”
“This decision puts partisanship ahead of precedent, ideology ahead of evidence, and the power of a small minority ahead of the clear will of the people,” Clinton said in a statement on Friday.
“This jarring removal of rights that had long been guaranteed, along with decisions gutting the Voting Rights Act and abolishing any judicial remedy for admittedly unconstitutional gerrymandering by state legislatures and abuses of power by federal authorities, has put our democracy at risk in the hands of a radical, activist Court,” he added.
He said said voters should be electing people “who will defend, not deny, our cherished rights and liberties” in addition to confirming judges who put the importance of the Constitution over partisanship.
His wife, former Democratic presidential nominee Hillary Clinton, called the decision “a step backward for women’s rights and human rights.”
The development comes as the high court ruled on Friday to eliminate federal-level abortion protections, which many anticipated after a leaked draft ruling last month.
Several states, including Missouri, South Dakota, Louisiana and Kentucky, have now effectively banned abortion. More are expected to follow.
Roe v. Wade
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