The new investor is the Shanghai-based Shenergy Group, a state-owned enterprise and one of China’s top 500 companies. The company has a long history of involvement in traditional energy businesses such as oil and gas and has a growing interest in renewable energy.
KLNE has raised an initial tranche of 50,000,000 Yuan (US $ 7.9 million) on an equity basis from their new investor.
The deal was sealed in early February when the KLNE board traveled to Shanghai to meet with senior representatives from Shenergy to finalize the agreement and sign the papers.
“Shenergy are an excellent company and we are pleased that they have confidence in us,” said Paul Nicholson, marketing director of KLNE. “They took a good look at the company and saw that we have a strong, cohesive road map for the future. We are very happy that this new investment will help us to achieve our objectives.”
“As we see it, KLNE is a fine company with a great future,” said Mr. Liu of Shenergy Group “and we are proud to be associated with them.”
This is KLNE’s second investor, the first being IDG Capital Partners, a U.S. based venture capital company.
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KLNE (Kinglong New Energy) is a Sino/US joint venture company based in Beijing and engaged in the research and development, production and marketing of solar PV inverters. KLNE’s products provide reliable and environmentally clean electric power for residential and commercial applications globally. For more detailed information, please visit our website at www.kinglongpower.com.