Chinese sodium-ion battery startup Jiangsu Zoolnasm Energy Technology has completed its Series A2 financing round, raising nearly RMB 300 million ($42 million) in total Series A funding, the company announced on Thursday.
The latest round attracted investment from Tiande Investment and existing shareholder Saize Capital. Zoolnasm said the funds will be primarily used for technology research and development, capacity expansion, and market development.
Founded in January 2021 and based in Suzhou, Jiangsu province, Zoolnasm aims to expand its presence in the emerging sodium-ion battery market. The company broke ground on its first mass production facility in Guangde, Anhui province, in November 2023, with a planned RMB 10 billion investment and an annual production capacity of 20 GWh of sodium-ion battery cells.
“Completing this financing round marks an important milestone for Zoolnasm as we accelerate technological innovation and capacity building to meet growing market demands,” the company said in a statement.
Last year, Zoolnasm received a nomination from an international automotive parts company, positioning itself as a sodium-ion battery supplier for the customer in a project expected to last four years, with a procurement value of approximately RMB 200 million over its lifecycle.