Four Chinese new-energy firms make global unicorn list

Four Chinese new-energy companies, of which three are in the power battery sector, have made the list of global unicorns.

The Hurun Report released its Global Unicorn List for Mid-2022 on Tuesday, showing that the number of unicorns (privately-held startup companies valued at over US$1 billion) worldwide increased by 24 percent to 1,312 in the first half of this year.

The list highlighted the booming new-energy industry under the global low-carbon trend, with 27 unicorns in the sector on the list in the first half of this year.

According to the list, the top-ranked company in the new-energy segment is the Swedish battery company Northvolt, with main businesses covering the manufacturing of power batteries, and the production and recycling of battery cathode materials.

Northvolt was valued at US$80 billion in the first half of the year and ranked 36th on the list, slipping eight spots compared with last year.

The list of the new-energy segment also included four Chinese companies, namely, Envision Energy, CALB, SVOLT Energy Technology and Envision AESC.

Except for Envision Energy, whose main business is smart wind turbines and distributed wind power, the other three companies are mainly engaged in the manufacturing of power batteries.

Both Envision Energy and Envision Power are affiliated to the Envision Group.

Envision Energy, CALB, and SVOLT Energy Technology are all ranked in the top 100, with valuations of 67 billion yuan (US$9.71 billion), 64 billion yuan and 46 billion yuan, respectively.

Envision Energy ranked 50th, the highest of the three, but was down 13 places from last year, while SVOLT Energy Technology was at 99th, up a sharp 58 places.

CALB, meanwhile, ranked 57th on the list of unicorns, rising 53 places. The company on August 5 disclosed that its overseas listing has been approved by the securities regulator and it will soon go public on the main board of the Hong Kong Stock Exchange.

Envision AESC, founded in Shanghai in 2019, made the list for the first time in the first half, with a valuation of 43 billion yuan, the sixth highest among newcomers on the list. In April, it announced plans to build new battery "gigafactories" in Kentucky, United States, with a planned capacity of 30 GWh (Gigawatt hours), which will supply power batteries to German auto giant Mercedes-Benz.

In general, the US still had the lead in nurturing new unicorns, with 138 unicorns added in the first six months, bringing the cumulative number to 625, which account for nearly half of the global total.

China ranks second with a total of 312 unicorns, among which 11 were newly added in the first half.

According to the list, the value of unicorns in the US added up to 12.4 trillion yuan, while that in China topped 8.5 trillion yuan.

Douyin Group, which was renamed from Bytedance in May, is currently the most valuable unicorn globally, albeit with a decline in its valuation from 2.3 trillion yuan to 1.3 trillion yuan. And SpaceX overtook the Ant Group to take the second spot.