Ex-Anker executive's smart RV startup Squirrel Power raises 200M RMB Series A

What's the deal? Shenzhen Squirrel Power, a China-based hard-tech startup building electrified recreational vehicles (RVs), has raised more than 200 million RMB (roughly $29.6 million) in a Series A round. Founded in 2023 by a former senior executive of AnkerDealroom has a profile for this one. Try Dealroom →, the company operates the Evotrex brand, which centres on self-developed integrated vehicle power generation and energy storage technology.

Who's backing it? The round drew a mix of industrial and financial investors, including Yuanhe PuhuaDealroom has a profile for this one. Try Dealroom →, Yuanhe Wanghou, Thick Snow CapitalDealroom has a profile for this one. Try Dealroom →, Junsheng United Capital, Paradise Silicon ValleyDealroom has a profile for this one. Try Dealroom →, ThunderSoft, Guangyuan Hesheng Fund, Differential CapitalDealroom has a profile for this one. Try Dealroom →, Shenqi CapitalDealroom has a profile for this one. Try Dealroom →, Living Water CapitalDealroom has a profile for this one. Try Dealroom →, and Chunjia CapitalDealroom has a profile for this one. Try Dealroom →.

The product: Squirrel Power unveiled its first product, the Evotrex-PG5, at CES 2026. It is an intelligent range-extended towable RV designed for off-grid energy self-sufficiency, with a 75-litre fuel tank and a 43kWh battery pack that together provide about 270kWh of available electricity. Prices start at $120,000, and the top Premium model at $159,990 accounts for 90% of pre-orders.

What's the money for? The funds will go toward full vehicle-level verification, R&D and testing of the Evotrex-PG5, plus production line construction and capacity expansion. The company targets mass delivery in early 2027.

Why now? Traditional RVs typically ship with just 2 to 3kWh of power and depend on campground hookups, limiting off-grid stays. Squirrel Power's range-extended approach — borrowed from China's passenger vehicle market — aims to power a family of four for a week or more away from the grid.

The signal: The raise sits in the 96th percentile among Series A marketing rounds in China over the past four years, a strong showing in a competitive field. It reflects investor appetite for electrifying a global RV market with a stock of more than 14 million units, as demand grows for outdoor living, mobile work, and independent power.

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Image credit: Generated with Gemini