UPDATE - Chinese green tech firm Envision secures USD-1bn investment
The Entre Tille et Venelle wind farm, France. Image by Envision Energy.
Chinese green technology firm Envision Group has obtained an investment of more than USD 1 billion (EUR 864m) from California-based Sequoia Capital, Singapore’s GIC Private Ltd and China’s Primavera Capital.
Envision, a supplier of smart wind turbines, hydrogen, battery and digital solutions, announced the investment on Monday as COP26 got underway in Glasgow. The company works with governments and businesses on speeding up the energy transition. It has committed to carbon neutrality in its operations by 2022 and across its value chain by 2028.
Primavera Capital recently announced a USD-600-million investment in two subsidiaries of Envision.
"Both technology and capital investments are important to net zero transition. This strategic partnership will enable Envision to mobilize capital investors for building the net zero economy," Envision chief executive Lei Zhang said at COP26.
Neil Shen, founding and managing partner, Sequoia China, said the investment is aimed at promoting the construction of a new global green industrial system.
“As a long-term global investor, we look forward to working with Envision on its various cleantech ecosystems, including new wind farms and energy transition assets across the markets," commented Ang Eng Seng, chief investment officer of infrastructure at GIC.