Over the past six months, Fox ESS has completed two rounds of financing. With the conclusion of the last round, the valuation of the manufacturer of inverters and energy storage solutions exceeded 10 billion yuan (about R$6,6 billion).
“The main objective of this round of financing is to increase the company’s production capacity and daily operations,” explains Michael Zhu, founder and CEO of Fox ESS.
“After three years of commercial activity, our revenue will exceed 2 billion yuan (1,3 billion reais) in 2022,” adds the executive.
According to Fox ESS, the first round was held in October 2022, when the company had already closed a series A financing of several hundred million yuan. And the second round was held at the end of May this year, led by Zhaoxi Capital.
With the closing of its latest round of financing, Fox ESS has moved forward with its IPO. But what is IPO (Initial Public Offering)?
IPO represents the first time that a company will receive new partners by offering shares to the market. With this, it becomes a publicly traded company with shares traded on the Stock Exchange floor.
In this way, the company's shares will become available for trading, that is, the company will make available to the market the possibility for investors to buy small parts of it and participate in its profit when it is distributed.
Founded in 2019, Fox ESS operates in the development of inverters and energy storage solutions, offering products to the entire global market.
The headquarters is located in Wenzhou, China, where hundreds of engineers and technicians work on the research and development of solar inverters and energy storage. The team is made up of some of the leading inverter and battery experts.
The company belongs to the Tsingshan Group, the world's largest producer of stainless steel. Thanks to the group, Fox ESS is well positioned and benefits from a verticalized production chain.
“This makes the group the only manufacturer in the field of renewable energy that controls the majority of the value chain, from the raw material to the complete storage system,” Fox ESS said.
Today, Tsingshan Group is a Fortune Global 500 company, employs more than 150 people worldwide and generated annual sales of US$55 billion in 2022.
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