Primavera Capital Group announced on Thursday a strategic investment of $600 million in Envision Energy and Envision AESC, two subsidiaries of Envision Group, to jointly promote the global zero-carbon transformation.
Envision is committed to promoting wind and solar power as the “new coal,” batteries and hydrogen fuel as the “new oil,” the AIoT network as the “new grid,” net-zero industrial parks as the “new infrastructure,” and to promote the construction and cultivation of green “new industry.”
Envision Group includes three main business segments: Envision Energy, an intelligent wind power and energy storage technology company, Envision AESC, a power battery enterprise and Envision Digital, an intelligent Internet of Things enterprise.
Primavera has previously invested in Zhuhai CosMX Battery Co., China’s largest supplier of polymer lithium-ion batteries, as well as electric vehicle industry leaders such as Xpeng, NIO and shared travel solution provider Hello Inc.
The world is currently undergoing a revolution often referred to as “green economy + digital technology.” China, the U.S. and the E.U. have all announced their carbon neutrality targets in the past year.
Since 2020, China’s Ministry of Ecology and Environment, Ministry of Energy, Ministry of Industry and Information Technology and the central bank have all set up action plans designed to achieve the “dual carbon goals” of “carbon peak by 2030” and “carbon neutrality by 2060.” In the future, the proportion of wind and solar power in China’s energy mix will continue to rise, with total installed capacity expected to reach 1.2 billion kilowatts by 2030.