Qiyuan Green Power has become the first unicorn enterprise in Shanghai's West Hongqiao Business District in 2024.
The company, which specializes in eco-friendly transport solutions, recently raised 1.5 billion yuan ($209.31 million) in series B funding.
The company, which is a subsidiary of State Power Investment Corporation Limited (SPIC), took just three years to set up an extensive battery charging and swapping network for heavy-duty trucks across China.
Qiyuan Green Power's smart charging and battery swapping station. [Photo/Wechat account: gh_402dd04155e6]
The district's strategic focus on green electric transport has been crucial in Qiyuan Green Power's rise.
Qiyuan Green Power's standout achievement is its "vehicle-battery separation" model for heavy-duty trucks. This novel system, similar to a shared power bank, allows for quick truck charging. It also reduces running costs compared to diesel trucks.
Qiyuan Green Power's network extends to regions like Hebei, Inner Mongolia, and Sichuan. There are currently over 23,000 vehicles using the network.
SPIC will also be establishing a new green transport-focused headquarters in West Hongqiao. This 43,000-square-meter project, which will cost over 4 billion yuan to build, is expected to become a national center for transportation and financial services.
Moving forward, the West Hongqiao Business District is committed to pioneering in green transport technologies and nurturing innovative companies.
With supportive policies and comprehensive services, the district aims to be a leader in sectors like green energy, intelligent manufacturing, and the digital economy, and usher in a new era of major technological advancements.
