Hangzhou solid-state battery maker Golden Feather draws social security fund, three bank AICs
What's the deal? Golden Feather New Energy TechnologyDealroom has a profile for this one. Try Dealroom →, a Hangzhou-based solid-state battery maker, has raised a late-stage strategic round. Investors include the National Council for Social Security Fund, the investment arms of Bank of ChinaDealroom has a profile for this one. Try Dealroom →, Agricultural Bank of China, and Industrial and Commercial Bank of China, plus provincial and municipal state funds Zhejiang Financial Holding, Hangzhou CapitalDealroom has a profile for this one. Try Dealroom →, and Hangshi Group. Existing backers Hangshi Group and Jiuzhi CapitalDealroom has a profile for this one. Try Dealroom → — its second-largest shareholder — added to their stakes.
What does it do? Founded in 2019 by Peking University mineral-materials PhD Huang Dubin, the company builds solid-state batteries aimed at optimising the solid-liquid interface for higher energy density and safety. It sells four product lines covering drones, construction machinery, short-range green mobility, robotics, and oil-and-gas drilling.
By the numbers: As of August 2026, cumulative cell sales topped 2,000,000 units, with annual capacity of 2GWh. It counts more than 500 global customers across over 30 countries and regions and is one of the few solid-state battery firms running a positive net margin.
Why now? The sector has crowded up since 2019, with CATL and BYD entering and startups such as WeLionDealroom has a profile for this one. Try Dealroom → and QingTaoDealroom has a profile for this one. Try Dealroom → rising fast. Solid-state batteries are now seen as one of new energy's highest-growth, highest-value tracks.
The role of capital: Jiuzhi Capital first backed Golden Feather in 2022, before the track became consensus. It has since helped move the company's headquarters to Hangzhou's Linping district and connect it to state and bank capital. Its ties to ICBCDealroom has a profile for this one. Try Dealroom → and ABCDealroom has a profile for this one. Try Dealroom →'s investment arms date to October 2021, when both firms launched their first fully market-driven pure-equity funds with Jiuzhi as general partner.
The signal: The round shows China's Asset Investment Company (AIC) equity pilot — expanded from Shanghai to 18 cities under the State Council's 2024 venture rules — funnelling bank capital into hard tech. Golden Feather is a test case for how city ecosystems, funds, and companies now reinforce one another.
Image credit: Generated with Gemini
