(Yicai Global) May 18 -- JD Energy Technology, a Chinese renewables storage startup, has completed its Series B financing worth over CNY700 million (USD100 million) to expand its output as well as research and development efforts.

The latest funding was led by Goldstone Investment, a private equity fund under Citic Securities, the Xi’an-based startup said in a statement on WeChat today. Moreover, GL Ventures under Hillhouse Capital, as well as IDG Capital, an existing shareholder, joined the round.

Founded in 2018, JD Energy makes systems that enable energy to flow from solar panels and wind turbines to storage and eventually to the grid and the products have been applied by clients including China's State Grid.

As China advances toward its 2060 carbon neutrality goal, the demand for green energy storage will rise because the current grid has insufficient capacity to carry such power, the firm said.

China's installed capacity of new energy storage projects reached 8.7 million kilowatts as of December 2022 and the figure should exceed 30 million kW by 2025, according to the National Energy Administration.

Editor: Emmi Laine, Xiao Yi