(Yicai Global) Aug. 2 -- BMSer Technology, a Chinese company in new energy battery management systems, has raised more than CNY100 million (USD15.5 million) in its Series B financing round.

The fundraiser was led by Lightspeed China Partners and also participated in by Zhisheng Capital, the Hangzhou-based company said today. The funds will be used to promote energy storage and cascade utilization projects, as well as increase the production capacity, it added.

Founded in 2012, BMSer Technology specializes in developing and making new energy battery management technologies and provides customized battery management solutions. Its BMS products are designed for electric vehicles, backup power supplies and cascade utilization.

The firm manufactured its first 1,500-volt energy storage BMS product at the end of 2019, and it has already been put into mass production.

The active equalization control chips BMSer Technology independently develops have filled in the gap in the industry and helped the firm form a barrier to competitors in costs and technologies, said Zhu Jia, associate partner of Lightspeed China.

BMSer Technology’s cascade utilization chain of lithium-ion batteries has greatly extended the service life and reduced the power packs life cycle costs, Zhu said. Lightspeed China believes the firm will maintain stable competitiveness and occupy an important position in the global new energy industry, he added.

BMSer Technology has over 500 energy storage projects in China and more than 10 other countries and regions, with a total installed capacity of nearly 1.3 gigawatt-hours, the most in China. It is Panasonic’s only original design manufacturer supplier.

Editor: Futura Costaglione