Star New Energy raises 500M yuan Series C as energy storage IPO window opens
What's the deal? Star New Energy (Beijing Xingchen New Energy Technology) has closed a nearly 500 million yuan (about $73 million) Series C round, backed by CITIC Securities InvestmentDealroom has a profile for this one. Try Dealroom →, ICBC CapitalDealroom has a profile for this one. Try Dealroom →, and Eastmoney Investment. The Chinese battery maker, founded in 2021, has simultaneously begun its pre-IPO financing process.
What's the endgame? The company designs and builds all-vanadium redox flow batteries, having secured rights to what it calls Asia's highest-quality vanadium mine in 2022 to control its core raw material. In June 2026, its fully automated Shaoxing factory began operating, targeting annual capacity of 2GW/8GWh for flow battery storage systems. Its technology draws on the research of Central South University professor Liu Suqin, a co-founder.
The round follows a Series A of over 300 million yuan in November 2025. Earlier industrial backers included SPIC Industrial Fund, CRRC Capital, China Minmetals Venture Capital, and PetroChina Kunlun Capital.
Why now? China's energy storage IPO window is opening. In the same month as Star New Energy's raise, Maitian Energy updated its ChiNext prospectus — reporting 2025 revenue of 6.531 billion yuan and non-recurring net profit of 1.13 billion yuan — while Kubo Energy filed for a Hong Kong listing and Daqin Digital Energy shifted its listing plans to Hong Kong.
Policy tailwinds are helping. In November 2025, the National Development and Reform Commission for the first time allowed independent energy storage facilities to trade in power markets as independent entities. A month later, Star New Energy connected three independent stations in western Inner Mongolia to the grid, totalling 0.75GW/3GWh.
What could go wrong? The open window does not guarantee passage for every player. Capital markets are now screening hard for which energy storage companies can actually stand out on technology and execution.
The signal: Investors are favouring firms that pair proven technical models with operational scale and supply chain control. Star New Energy's speed — building a full industrial chain in five years and delivering large grid projects — is the kind of profile the pre-IPO market is rewarding.
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