Zhongshan Xingzhong Energy Development Co recently completed a private placement, with Zhongshan Integrated Energy Services Co, a subsidiary of Southern Kaineng (Guangdong) Power Group Co, participating in the stock subscription.

The private placement raised 233 million yuan, which will be mainly used for project construction and supplementing working capital.

Zhongshan Integrated Energy Services Co is mainly engaged in business in such areas as photovoltaic power, energy storage, battery charging and changing, electricity sales and smart maintenance. It will join hands with Zhongshan Xingzhong Energy Development Co to expand new energy business for their clients.

Zhongshan Integrated Energy Services Co will also carry out in-depth cooperation with China Southern Power Grid in smart+ charging operation, virtual power plant, smart electric grid, new-type power system building, and etc.