Shanghai-based new energy technology startup Legend Energy announced Thursday that it has completed round-A financing totaling tens of millions of yuan. This round was led by Fresh Capital, while PhoenixTree Capital served as financial advisor.
Founded in 2015, Legend Energy provides customers with software and hardware-integrated lithium battery energy storage assets, based on AI algorithms and energy storage system integration technology. Its production bases in Dongguan, Guangdong province and Nantong, Jiangsu province have a production capacity of 1.5 GWh. The recently obtained funds will be used for mass production and delivery of energy storage.
The team of Legend Energy has lithium battery evaluation and screening technology, lithium battery thermal runaway prediction algorithms and intelligent charging and discharging technology based on SoH (state-of-health) battery life. In the past five years, the company has provided over 10GWh lithium battery asset safety management and control services for major customers including BAIC, FAW, Didi and Aulton New Energy.
In addition, the medium-to-large energy storage system developed by Legend Energy has been implemented within more than 30 major projects both in China and abroad. With the algorithm of the energy collaborative control solver, the average IRR (internal rate of return) of industrial and commercial energy storage has reached 8-12%. The company has also built R&D centers and manufacturing bases.
At present, the software and hardware integration technology developed by Legend Energy can provide solutions for power sources, grids, loads and storage. According to different application scenarios, the “AI + energy storage” of the company can realize coordinated control of energy storage combined with transportation and power grids.