Green energy company earns unicorn status

Hu Min
Shanghai Qiyuan Green Power Technology was the first to create and develop an electric power replacement solution for heavy trucks.
Hu Min
Green energy company earns unicorn status
Sun Jinghao

Heavy trucks are queued up outside a Shanghai Qiyuan charging station.

A company in Qingpu joined the unicorn company list recently after completing its equity financing.

Shanghai Qiyuan Green Power Technology Co Ltd in the West Hongqiao business district is the pioneer in creating and developing an electric power replacement solution for heavy trucks. Recently, the company concluded another round of equity financing totaling 1.5 billion yuan (US$208 million) and became the first company this year to be included in Shanghai’s list of unicorn firms.

Through product development, the establishment of charging and battery swapping facilities, effective power battery management and digital services, the company is actively driving the transition to electric power in order to facilitate low-carbon advancements in the commercial transportation sector.

As a smart energy service provider affiliated to the State Power Investment Corp Ltd, Shanghai Qiyuan has set up charging and battery swapping stations for heavy trucks in 31 provinces, autonomous regions and municipalities in the nation, making it a leading company in the field in China with a market share of over 65 percent.

By the end of last year, the company had delivered more than 23,000 heavy trucks and items of construction machinery, and built more than 600 charging and battery swapping stations.

The full-charging process takes just five minutes and people only need to scan a QR code to charge the trucks. Under the new mode, the annual operation cost of a truck is 5 to 40 percent lower than a traditionally fueled truck.

In recent years, eyeing the development opportunities of new-energy industry, the West Hongqiao business district has been actively exploring the “green power transportation” industry chain, and making use of technological innovation to power green low-carbon development.

The green power transportation headquarters of SPIC is under construction, covering a site area of 43,000 square meters with investment of over 4 billion yuan.

The West Hongqiao business district has brought together more than 30 industry chain companies, mapping out its green low-carbon industry development blueprint.

In the future, it will focus on green energy, spatial information, smart manufacturing and digital economy areas to further promote technological breakthroughs and expansion of the “green power transportation” industry.

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