Runchengda Power Technology Co., Ltd. (hereafter referred to as "Runchengda"), based in Shenzhen, recently completed a strategic Series B financing round, raising 224 million RMB. The funding was led by existing investor Hongtai Fund, along with joint investments from Zhidian Investment (a subsidiary fund of the National Technology Transfer Guidance Fund), Pingxiang Guotou, Sugaohigh-tech, and Haoshu Capital.

About Runchengda

Established in 2010, Runchengda is a leading provider of intelligent electric vehicle charging stations and comprehensive digital energy solutions. The company's primary focus is on supplying charging and energy storage equipment and energy management platforms for various applications such as buildings, municipal infrastructure, charging stations, automotive manufacturers, power grids, and homes.

In recent years, with the significant growth in sales of new energy vehicles, the domestic charging station market in China has experienced a golden period of development. According to data from the China Charging Alliance, the cumulative number of charging stations increased from 1.68 million units in 2020 to 5.21 million units in 2022, representing a nearly 100% year-on-year growth in new charging stations.

Runchengda has capitalized on this market opportunity and achieved rapid growth through product development, market expansion, and technological advancements.

Runchengda's founder and chairman, Wang Hao, emphasized the company's technological advantage in charging station hardware iteration and the design and development of complementary software systems. They have mastered core charging station technologies, ultra-fast liquid-cooled charging stack solutions, and flexible charging algorithms.

One of the company's flagship products is the 720KW ultra-fast charger, which offers an exceptional user experience with plug-and-charge functionality, support for 12-gun line outputs, and flexible power evolution. It delivers a "5-minute 300 kilometers+" charging experience with liquid-cooled ultra-fast charging architecture, low energy consumption, high stability, and guaranteed equipment lifespan of over 10 years.

Market Expansion and Growth Phases

Runchengda has established over 20 offices nationwide and plans to achieve full coverage in more than 30 Chinese provinces and autonomous regions, as well as over 100 cities within the next five years. Additionally, the company has rapidly expanded its presence in international markets, with operations in major European countries, North America, Australia, and the Middle East.

Wang Hao divided Runchengda's development into three phases:

In the initial phase, the company focused on charging station deployment in commercial real estate, becoming a leading player in this niche market through complete equipment sales.

In the second phase, as the industry demanded digitized charging stations, Runchengda developed its cloud platform and built a top-tier digital charging network, enabling energy management in real-time.

The third phase saw Runchengda seize explosive overseas business opportunities, expanding its product line to meet the integrated charging and storage demands of international clients. It successfully transformed into a global provider of comprehensive digital energy solutions.

Investor Perspective

Yang Qiang, Managing Director of Hongtai Fund, expressed strong confidence in Runchengda's growth potential. Having been an investor in the company since 2021, Hongtai Fund witnessed Runchengda's strategic expansion into international markets during the challenging period of the past two years. The fund highly praised the management team's resilience and their ability to build sustainable risk management capabilities over the course of different economic cycles.

Runchengda's remarkable growth can be attributed to the dual driving forces of research and development as well as market expansion. The company has accumulated long-term technological reserves and demonstrated outstanding product design capabilities and technical performance within the industry.

Originial press release in Chinese here.

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