VGID POWER completes nearly RMB 100 million Series B funding round, co-led by Cowin Capital

Recently, VGID POWER (Beijing) Technology Co., Ltd. ("VGID POWER") announced the completion of a nearly RMB 100 million Series B funding round, co-led by Cowin Capital and the listed company Honglida.

The funds will be used for business development, expansion of the technical team, product iteration and upgrading, and other improvements to core competitiveness.

Founded in 2015, VGID POWER is a national-level high-tech enterprise focused on the new energy microgrid industry, and was recognized in 2022 as a Beijing specialized, refined, distinctive and innovative "little giant" enterprise. To date, the company has successfully delivered more than 100 new energy microgrid solutions across more than 20 countries and regions worldwide, making it a leading enterprise in China's microgrid exports.

Microgrid technology is a foundational supporting technology for new-type power systems. As China accelerates the construction of new-type power systems and overseas demand for new energy power grows rapidly in both rigid and improvement-driven segments, the microgrid industry has entered a period of rapid development. VGID POWER has an outstanding team with deep technical accumulation and business development capabilities, and rich experience in microgrid product R&D, system design and delivery, giving it a clear first-mover advantage in the microgrid industry.

Regarding this funding round, Cao Zhenwu, CEO of VGID POWER, said: "I thank the investors Cowin Capital and Honglida for their recognition and support of VGID POWER. In the current extremely cold investment environment, investing requires not only courage but also the insight to see through cycles, and VGID POWER is very honored to have such wise and far-sighted investors. I also want to thank the team for persisting in innovation and boldly expanding, achieving breakthrough after breakthrough in the smart microgrid industry. In the future, VGID POWER will closely follow the Belt and Road countries, continue to deepen its presence in overseas microgrid markets, serve local communities, and contribute to the global energy transition.

Cowin Capital believes the global microgrid market has enormous potential. As the cost of PV and energy storage declines and energy costs rise, the economics of microgrids have begun to emerge. With the global transition toward electrification and low carbon, and the deepening of China's power reform, the microgrid market has reached an inflection point for explosive growth.

VGID POWER is a leading enterprise in the microgrid industry and one of the very few companies worldwide with core microgrid technology and turnkey capabilities, as well as one of the very few with successful megawatt-level load cases. It has established visibility and reputation in the microgrid markets of Asia, Africa and Latin America. The team has many years of experience in new energy and microgrids, along with localized teams in Asia, Africa and Latin America; the team is steady, pragmatic, stable in cooperation and highly execution-oriented. In addition, it has solution design experience, operational experience and data for different application scenarios, and has established first-of-their-kind cases and partnerships in multiple countries across Asia, Africa and Latin America. With a significant market first-mover advantage and a full order book, it is expected to achieve rapid scaled growth and become a leader in the microgrid industry.