Shenzhen Oriental Fortune Capital Co., Ltd. has invested RMB20 million (US$3.24 million) in New York Stock Exchange-listed energy storage developer ZBB Energy Corporation in cash, according to ZBB’s official announcement.
ZBB’s joint venture company, Anhui Meineng Store Energy System Co., Ltd. has received the cash investment from Wuhu Fuhai-Haoyan Venture Investment, a branch of Shenzhen Oriental Fortune Capital Co., Ltd.
Shenzhen Oriental Fortune Capital will hold an 8% stake post the completion of the deal.
The proceeds will be used to fund ongoing operations and further development of the Chinese market.
"ZBB continues to work very closely with Meineng on product development, manufacturing and testingm" says ZBB Energy CEO, Eric Apfelbach. "Meineng is both a highly valued strategic supplier and customer."
Shenzhen Oriental Fortune Capital is a venture capital firm founded in 2006, headquartered in Shenzhen. It has cumulatively managed over RMB10 billion (US$1.63 billion) investing in clean technology, information technology, healthcare, education, advanced manufacturing and consumer products.
Founded in 2011, Meineng Energy is an innovative storage solutions provider for improvement of renewable energy efficiency.