Cases
Low-carbon Transportation Technology Innovation Internet
Low-carbon Transportation
Sila Nanotechnologies
Silicon nanowire lithium battery anode material developer
Sila Nanotechnologies focuses on the research and development of next-generation silicon-based anode materials for lithium-ion batteries, targeting applications such as electric vehicles, consumer electronics, and energy storage. The company is committed to replacing traditional graphite anodes with high-performance silicon materials to improve battery energy density, shorten charging time, and optimize system performance. The company's core products revolve around a silicon-based anode platform, and it has established partnerships with leading companies in the automotive and battery industry chains, possessing capabilities from materials research and development and engineering scale-up to industrial delivery. With the advancement of mass production base construction and the deepening of customer verification, the company is accelerating its transition from the technology verification stage to the commercialization and mass production stage.
  • Financing Round:Series F
  • Financing Amount:590 million USD
  • Investment Date:2021-01
Profit Plan:Revenue growth is achieved by mass production of silicon-based anode materials in consumer electronics and electric vehicle batteries; as production lines ramp up, unit costs decrease and high-value-added customers increase their volume, gross margins are gradually improved and profitability is achieved at the operational level.
Exit Plan:The company plans to primarily pursue an IPO on the US stock market, while also considering strategic acquisitions by leading battery manufacturers, vehicle manufacturers, or advanced materials companies as exit strategies.
Li-Cycle
Lithium-ion battery recycling technology leader
Li-Cycle focuses on lithium-ion battery resource recycling and recycled material utilization, building a closed-loop recycling system centered on Spoke & Hub, encompassing power batteries, energy storage batteries, and battery manufacturing waste. The company possesses a technological path from front-end battery crushing and black powder production to back-end key metal recycling, emphasizing resource recycling, safe processing, and supply chain collaboration. Its technology roadmap covers multiple types of lithium batteries and manufacturing waste scenarios, and it has been continuously advancing its commercial network layout in North America and Europe. With the industry's increasing demand for localized supply of key battery metals, the company initially received support from capital and industrial capital. However, due to cost overruns at Rochester Hub, financing pressures, and restructuring, it has now entered a new phase following its integration with Glencore.
  • Financing Round:De-SPAC
  • Financing Amount:580 million USD
  • Investment Date:2021-08
Profit Plan:Expanding battery waste processing and critical metal recycling through the Spoke & Hub recycling network will increase revenue from black powder and recycled materials businesses and improve unit cost and gross profit structure once the central hub facility is operational.
Exit Plan:It was listed on the NYSE through a reverse merger in August 2021; and was subsequently acquired and integrated by Glencore in August 2025, completing its exit through an industry merger and acquisition.
Ascend Elements
Battery material recycling and recycled cathode material technology companies
Ascend Elements focuses on lithium-ion battery recycling, key metal extraction, and the manufacturing of recycled battery materials, providing closed-loop material solutions for the power battery and energy storage industry chain. The company's core advantage lies in its Hydro-to-Cathode® technology, which can transform retired batteries and manufacturing waste into battery-grade precursor and cathode materials, strengthening its localized supply chain capabilities in North America. The company has built recycling facilities and is advancing the Apex 1 project in Kentucky, aiming to create an integrated layout from recycling to precursor/cathode material production.
  • Financing Round:Series D
  • Financing Amount:542 million USD
  • Investment Date:2023-09
Profit Plan:Leveraging the Hydro-to-Cathode® process, retired batteries and manufacturing waste are directly converted into high-value-added pCAM/CAM materials. With the expansion of the Base 1 recycling network and the production capacity of Apex 1 precursor/cathode materials, revenue and gross profit are increased by enhancing material added value, expanding customer supply, and reducing unit manufacturing costs. The company previously disclosed plans to launch commercial pCAM production for Apex 1 in early 2025, a project originally intended as a core driver of its profitability.
Exit Plan:The main exit or capitalization paths are restructuring, asset reorganization, introduction of industrial/financial investors, or mergers and acquisitions.
Solid Power
Solid-state battery technology development company
Solid Power focuses on the research and development of sulfide all-solid-state batteries and solid electrolyte technologies, aiming to commercialize them for high-performance energy storage scenarios such as electric vehicles. The company has long-term collaborations with BMW and Ford, and is working with SK On to promote production line installation and technology transfer. Its current business model is no longer just about "selling battery cells," but is more focused on revenue from electrolyte materials, technology transfer, joint development, and production line services.
  • Financing Round:Series B
  • Financing Amount:135.6 million USD
  • Investment Date:2021-05
Profit Plan:By leveraging sulfide solid electrolytes and a joint development and technology transfer model, we will promote the implementation of collaborative projects with companies such as BMW and SK On. Through revenue from electrolyte material supply, production line installation milestones, and technical services, we will gradually expand the scale of commercialization and improve the revenue structure and unit economics.
Exit Plan:The company completed its SPAC listing in December 2021 and began trading on Nasdaq as an SLDP on December 9, 2021. Its main capital paths going forward are public market financing, deepening industry cooperation, and realizing the commercialization of technology.
Northvolt
Europe's leading lithium battery manufacturer
Northvolt focuses on power batteries, energy storage batteries, and battery recycling. It was once a core representative of European battery manufacturing, building regional supply chain capabilities around cell manufacturing, system integration, and recycling. In its early stages, the company expanded rapidly by relying on localized manufacturing in Europe, a low-carbon battery strategy, and cooperation with OEMs, and promoted large-scale mass production through projects such as Northvolt Ett.
  • Financing Round:Later-stage equity financing
  • Financing Amount:1 billion USD
  • Investment Date:2019-06
Profit Plan:Originally, the company relied on mass production at its European Giga factory, long-term supply of battery cells, and collaborative recycling to achieve large-scale profitability. Now, as the company has entered the bankruptcy and asset sale stage, profit realization has shifted to the operational recovery of the subsequent asset acquirers.
Exit Plan:The original IPO path has failed, and the focus is now on bankruptcy reorganization, asset sales and debt recovery; some core assets have been taken over by Scania and Lyten.
StoreDot
Extreme fast charging battery technology developer
StoreDot focuses on ultra-fast charging battery technology (XFC) for electric vehicles, with its core approach being silicon-based fast-charging cells. It continues to advance its product roadmap towards subsequent semi-solid-state and higher-generation technologies. The company's commercialization model goes beyond simply "selling cells," focusing more on technology licensing, joint scale-up with manufacturing partners, providing verification samples to OEMs, and promoting targeted adoption. Following the completion of its Series D prototype in 2022, the company has shipped samples to automakers worldwide and continues to work with partners such as EVE Energy, Polestar, and VinES/VinFast to advance verification and industrialization.
  • Financing Round:Series D
  • Financing Amount:80million USD
  • Investment Date:2022-01
Profit Plan:Commercialization will be achieved through XFC battery technology licensing, manufacturing partnerships, and OEM verification. Mass production will be promoted through collaborations with EVE Energy, VinES/VinFast, Polestar, and others. Revenue from licensing and technical services will be expanded as automakers adopt the technology around 2026.
Exit Plan:The company continues to advance subsequent financing and capital market transactions; it signed a business merger agreement with Andretti Acquisition Corp. II in December 2025, making its capitalization path clearer than the previous "long-term IPO plan".
Redwood Materials
Battery recycling and materials refining company
As a battery recycler and materials refining company focusing on low-carbon transportation and new energy, Redwood Materials continues to deepen its capabilities in power battery recycling, key metal refining, copper foil and cathode material manufacturing, creating a closed-loop solution around the restructuring of the US battery supply chain. The company starts with recycling and extends upstream to battery material production, forming an integrated path from waste battery recycling and black powder treatment to high-value-added material manufacturing. It promotes commercialization through long-term cooperation with OEMs, battery manufacturers, and materials customers. With the advancement of production capacity deployment in Nevada and South Carolina, its business is gradually upgrading from "recycling services" to a composite growth model of "recycling + materials manufacturing + supply chain collaboration".
  • Financing Round:Series D
  • Financing Amount:1 billion+ USD
  • Investment Date:2023-08
Profit Plan:The company has created a closed-loop revenue stream through battery recycling, key metal refining, copper foil and cathode material manufacturing, and is leveraging partners such as Panasonic, Toyota, Ultium Cells and BMW to ramp up material production. As production capacity in Nevada and South Carolina increases, the company is improving its economies of scale and gross profit structure.
Exit Plan:Continue to support capacity expansion through subsequent financing, and once the materials and energy storage businesses mature, retain the path of a US stock IPO or the introduction of strategic capital.
QuantumScape
Solid-state lithium metal battery technology development company
QuantumScape focuses on the research and development of solid-state lithium metal battery technology. Its core direction is to improve energy density, fast-charging performance, and safety through a cathode-free lithium metal architecture and a solid-state ceramic separator system. The company's current commercialization path is no longer simply about selling battery cells, but is gradually shifting towards sample verification, collaborative industrialization of technology, potential IP licensing, and royalty revenue. In 2024, the company began low-volume production of the B-sample cell for its first product, QSE-5, and started shipping it to automotive customers for testing. On July 5th of the same year, it signed a cooperation agreement with PowerCo, aiming to promote the industrialization of QSE-5 technology and pave the way for potential subsequent licensing and royalty arrangements.
  • Financing Round:Series F
  • Financing Amount:200 million. USD
  • Investment Date:2020-06
Profit Plan:QuantumScape is leveraging solid-state lithium metal battery sample verification, industrialization collaboration with PowerCo, and potential technology licensing and royalty revenue to advance commercialization. In 2024, QuantumScape signed a collaboration agreement with PowerCo to promote the industrialization of QSE-5 technology, but future licensing and royalty revenue still depend on the implementation of subsequent formal licensing arrangements.
Exit Plan:The company will subsequently exit the liquidity crisis through a listing, and will either reduce its holdings in stages or continue to hold them, depending on the secondary market conditions.
Wacker Chemie AG
Global leader in silicones and specialty chemicals
Wacker Chemie is a global leader in polysilicon and specialty chemicals. Targeting low-carbon transportation and photovoltaic energy storage applications, it continuously improves its product portfolio. It has developed end-to-end capabilities from consulting and planning to system integration, addressing complex scenarios. Its products and technologies emphasize efficiency, reliability, and cost optimization, while also considering scalability and compliance.
  • Financing Round:Strategic capital allocation
  • Financing Amount:200 million USD
  • Investment Date:2019-09
Profit Plan:Driven by both polysilicon and specialty chemicals, and through forward-looking investments in silicon-based battery materials, WACKER has entered the new energy industry chain, increasing revenue contributions in photovoltaics, polysilicon, and high-value-added silicon-based materials. With product structure optimization and improved market conditions, profitability is gradually recovering. In September 2019, WACKER invested in Nexeon, which focuses on silicon-based anode materials that can significantly improve the performance of lithium-ion batteries.
Exit Plan:The exit strategy involves phased reductions in holdings on the Deutsche Börse/Xetra secondary market, combined with dividend returns. WACKER itself is a listed company, therefore the "IPO exit" logic of the primary market does not apply.
Maitian Energy
Photovoltaic inverter and energy storage system manufacturer
As a manufacturer of photovoltaic inverters and energy storage systems focusing on low-carbon transportation and photovoltaic energy storage, Maitian Energy continues to deepen its capabilities. In the fields of low-carbon transportation and photovoltaic energy storage, it develops solutions around core pain points, forming a closed-loop capability encompassing solution design, system implementation, and operation and maintenance. Its technical approach balances performance, safety, and maintainability, adapting to multiple application scenarios. In May 2023, it completed a pre-IPO round of financing exceeding RMB 1 billion, primarily used to increase production capacity and support daily operations. With product iteration, overseas channel expansion, and scenario extension, its business has maintained rapid growth.
  • Financing Round:Pre-IPO Round
  • Financing Amount:Over 1 billion RMB
  • Investment Date:2023-05
Profit Plan:Leveraging its residential energy storage systems, energy storage inverters, grid-connected inverters, and energy storage batteries, the company continues to expand its shipments to overseas markets such as Europe. It also drives revenue growth and gross profit optimization through brand channel development, product portfolio expansion, and capacity expansion. The company's prospectus shows that its core products have formed a diversified structure including energy storage inverters, grid-connected inverters, energy storage batteries, and battery modules. Furthermore, the company has been continuously advancing its global distributed energy-related energy conversion, storage, and management businesses in recent years.
Exit Plan:The company submitted its IPO application to the Shenzhen Stock Exchange's ChiNext board in 2025 and it was accepted. The main capitalization path will be listing on the ChiNext board. If the capital market environment changes, the company also reserves the possibility of continuing private equity financing or introducing industrial capital.
First Solar
Global solar panel leader
As a global leader in solar panels for low-carbon transportation and photovoltaic energy storage, First Solar continues to deepen its comprehensive capabilities in thin-film photovoltaic modules, local manufacturing, and large-scale delivery. The company has developed a complete industrialization capability, from technology research and development and advanced manufacturing to global delivery, focusing on the core needs of photovoltaic power generation and new energy infrastructure. Its core strategy focuses on CdTe thin-film module technology, emphasizing conversion efficiency, manufacturing resilience, cost control, and supply chain security, while continuously strengthening its differentiated advantages in its expansion of manufacturing in the United States. In November 2025, around the key strategic milestone of the commissioning of its new manufacturing base in Louisiana, a strategic fund of approximately $200 million was established to capitalize on opportunities arising from the upgrading of photovoltaic manufacturing in North America, the strengthening of the local supply chain, and the fulfillment of long-term orders.
  • Financing Round:Strategic capital allocation
  • Financing Amount:200 million USD
  • Investment Date:2025-11
Profit Plan:Leveraging CdTe thin-film modules, domestic manufacturing expansion, and US manufacturing support policies, the company continues to enhance its revenue, profitability, and cash generation capabilities. In particular, the new Louisiana plant, which will commence production in November 2025, will further strengthen the company's domestic supply capabilities in the United States and create synergies with existing capacity, thereby reinforcing its delivery guarantees and cost competitiveness in the North American market.
Exit Plan:The company will reduce its holdings in batches through the secondary market (NASDAQ:FSLR) and dynamically arrange the exit pace according to the policy environment, profit realization, valuation level and the prosperity of US domestic manufacturing.
Honghui Energy
Flywheel energy storage technology developer
Honghui Energy is a company specializing in the research and development and industrialization of high-power magnetic levitation flywheel energy storage technology. Its core products are used in rail transit, power grid frequency regulation and peak shaving, data centers, oil drilling, and new energy power plants. Relying on its flywheel energy storage technology with completely independent intellectual property rights, the company has built a product system around high power, long life, fast response, and high safety, and continues to upgrade from single-unit equipment to system solutions and large-scale delivery capabilities.
  • Financing Round:Strategic Financing
  • Financing Amount:200 million RMB
  • Investment Date:2023-10
Profit Plan:Relying on the application of flywheel energy storage in high-power scenarios such as rail transit braking energy recovery, power grid frequency regulation and peak shaving, UPS and data centers, revenue growth is achieved through equipment sales, system integration and project delivery; as demonstration projects are extended to batch replication, production capacity is increased and standardized products are promoted, the gross profit structure and operating quality are gradually improved.
Exit Plan:The company has initiated IPO preparation and will primarily pursue listing on the domestic capital market as its capitalization path, while also retaining the possibility of introducing industrial capital or strategic mergers and acquisitions.
SiTime Corporation
MEMS timing solutions leader
SiTime Corporation is a leading global MEMS clock solutions provider. Its core products cover MEMS oscillators, clock ICs, and timing and synchronization solutions, widely used in automotive, industrial, communications, data center, enterprise equipment, aerospace, and consumer electronics industries. The company's core technology strategy focuses on replacing traditional quartz clock devices with MEMS, emphasizing high reliability, high performance, miniaturization, and low power consumption. It continuously improves its clock and synchronization product portfolio to increase its penetration in the high-end timing market.
  • Financing Round:IPO
  • Financing Amount:55.9 million USD
  • Investment Date:2019-11
Profit Plan:By continuously penetrating high-value-added markets such as automotive, industrial, communications, and data centers with MEMS clocks, clock ICs, and synchronization solutions, we enhance product portfolio value and revenue quality while maintaining a high gross margin. The full-year non-GAAP gross margin for 2025 is 59.3%.
Exit Plan:It was listed on Nasdaq in November 2019, and subsequent exit can be achieved through phased reduction of holdings in the secondary market.
Chart Industries
Global leader in cryogenic and gas processing equipment
Chart Industries, with its focus on low-carbon transportation and photovoltaic energy storage, is committed to becoming a global leader in cryogenic and gas handling equipment. The company continuously improves its product portfolio around key areas such as LNG, hydrogen, industrial gases, carbon dioxide capture, utilization and storage (CCUS), and clean industries, forming a complete capability system from core equipment and system integration to engineering delivery and after-sales service. Its technologies and products emphasize cryogenic handling efficiency, system reliability, cost optimization, and multi-scenario adaptability, and enhance delivery efficiency and reusability through modular architecture and a global service network.
  • Financing Round:Strategic capital allocation
  • Financing Amount:250 million USD
  • Investment Date:2023-03
Profit Plan:Leveraging the growing demand for LNG, hydrogen energy, industrial gases, and clean industrial equipment, and combined with the increased revenue from product synergies, cross-selling, and services following the Howden acquisition, the company continues to expand its revenue scale and profitability. The company disclosed that after the Howden acquisition, the reported and adjusted gross margins for each quarter of 2023 all exceeded 30%.
Exit Plan:The company will reduce its holdings in batches through the secondary market (NYSE: GTLS) and dynamically arrange the exit pace based on merger and acquisition synergies, order fulfillment, profitability, and valuation levels.
Saikesaisi
PEM electrolytic water hydrogen production equipment developer
Based on the hydrogen energy equipment and green hydrogen industry chain, Cysec is one of the leading domestic companies focusing on the R&D, production, and application promotion of PEM pure water electrolysis hydrogen production equipment. The company continuously improves its product portfolio around the core aspects of PEM hydrogen production, gradually forming a full-chain capability from key materials, membrane electrodes, electrolyzers to system integration, and has established strong differentiated advantages in megawatt-level equipment delivery, standard setting, and industrial application.
  • Financing Round:Series B
  • Financing Amount:Hundreds of millions of RMB
  • Investment Date:2023-07
Profit Plan:By scaling up the application of PEM water electrolysis hydrogen production equipment in green hydrogen projects, integrated hydrogen production and refueling projects, and industrial hydrogen production scenarios, we can achieve growth in equipment sales, system integration, and project delivery revenue, and gradually improve the gross profit structure as the green hydrogen energy industrial park is built and standardized promotion is implemented.
Exit Plan:The main approach will be to pursue subsequent financing, introduce industrial capital, and explore opportunities in the domestic capital market, while also retaining the possibility of strategic investment or mergers and acquisitions by leading companies in the hydrogen energy industry chain.
Enphase Energy
Microinverter and energy management systems leader
Enphase Energy focuses on distributed photovoltaics and residential energy storage, concentrating on key components such as microinverters, home battery systems, energy management platforms, and EV charging. This has resulted in a complete capability encompassing core hardware, software platforms, system integration, and energy management services. Leveraging its core advantage in microinverter technology, the company continuously improves its IQ series product portfolio and strengthens its differentiated competitiveness in the integrated photovoltaic and energy storage sector through expansion into energy storage, electric vehicle charging, and home energy management.
  • Financing Round:Strategic capital allocation
  • Financing Amount:150 million USD
  • Investment Date:2018-08
Profit Plan:Leveraging its residential photovoltaic and energy storage systems comprised of microinverters, IQ batteries, IQ gateways, and energy management software, the company continues to increase its penetration rate in the North American and European residential markets. It also optimizes its revenue structure through high-value-added system solutions, software management capabilities, and after-sales service. Compared to a single inverter business, the company's core profitability lies in its platform-based capabilities of "microinverter + energy storage + energy management."
Exit Plan:The company will reduce its holdings in batches through the secondary market (NASDAQ: ENPH), and dynamically arrange the exit pace according to industry prosperity, changes in policy subsidies, profit realization and valuation levels.
Energy Vault
Gravity-based energy storage system innovator
Energy Vault is an innovative company focusing on long-duration and gravity energy storage technologies. It continuously improves its product portfolio for renewable energy grid integration, commercial and industrial energy storage, and grid-scale energy storage scenarios. The company initially entered the market with gravity energy storage tower systems and has since expanded to battery energy storage integration, energy storage software platforms, and multi-technology collaborative control, forming a comprehensive capability from energy storage system design and engineering implementation to operation and management. Its technology approach emphasizes long-duration energy storage, safety, system flexibility, and full life-cycle economics, adapting to renewable energy consumption, grid regulation, and various energy storage applications.
  • Financing Round:De-SPAC
  • Financing Amount:235 million USD
  • Investment Date:2022-02
Profit Plan:We will promote the implementation of energy storage projects through the gravity energy storage EVx platform, battery energy storage system integration and software coordination platform, and gradually improve the revenue structure and operating cash flow by relying on equipment sales, system integration, EPC delivery and software service revenue.
Exit Plan:It went public on the NYSE through a reverse merger in February 2022, and subsequently exited the market by gradually reducing its holdings in the secondary market.
Deepway
Intelligent new energy truck manufacturer
DeepWay focuses on the R&D and operation of new energy intelligent heavy-duty trucks, continuously improving its product and solution system around long-haul logistics scenarios. Leveraging its intelligent electric heavy-duty truck platform, and combining it with energy replenishment networks, fleet operations, and intelligent driving technologies, the company promotes the large-scale application of new energy heavy-duty trucks in medium- and long-haul transportation. Its routes emphasize dispatching efficiency, operational economy, intelligent scheduling, and scenario adaptability, while improving delivery efficiency and future expansion capabilities through a standardized platform and modular architecture.
  • Financing Round:Series A
  • Financing Amount:Approximately several hundred million RMB
  • Investment Date:2022-03
Profit Plan:By scaling up the deployment of new energy heavy trucks in long-haul logistics scenarios, we can drive growth in vehicle sales, operational services, and revenue from intelligent driving collaboration. As the fleet size expands, the energy replenishment network improves, and operational efficiency increases, we can gradually improve the gross profit structure.
Exit Plan:The main focus will be on subsequent financing, the introduction of industrial capital, and the opportune advancement of the domestic capital market, while retaining the possibility of strategic integration by leading logistics companies or vehicle groups.
Xidi Zhijia
Autonomous mining truck and passenger car autonomous driving system
XiDi Intelligent Driving is an intelligent driving technology company focusing on unmanned driving in mining areas, autonomous driving in commercial vehicles, and vehicle-road cooperative solutions. The company continuously improves its autonomous driving system and operation solutions for scenarios such as mining transportation, sanitation operations, port logistics, and intelligent connected vehicles on open roads, gradually forming a full-chain capability from perception and decision-making, vehicle-side system integration to fleet dispatching and scenario operation.
  • Financing Round:Series C
  • Financing Amount:51 million USD
  • Investment Date:2019-03
Profit Plan:By scaling up the implementation of autonomous driving projects for mining trucks, sanitation vehicles, and vehicle-road collaboration, we can drive revenue growth in autonomous driving system delivery, platform scheduling, and operation services, and gradually improve profitability as mining fleets are replicated and commercial operation efficiency is enhanced.
Exit Plan:The main focus is on subsequent financing, introducing industrial capital, and pursuing opportunities in the domestic capital market, while retaining the possibility of strategic integration by vehicle manufacturers or mining groups.
Waymo
Global leader in autonomous driving technology
Waymo focuses on low-carbon and automotive transportation, centering on core aspects of autonomous driving technology and continuously improving its end-to-end capabilities, from autonomous driving system R&D and vehicle platform adaptation to commercial operation. With Waymo Driver at its core, the company continues to advance its Robotaxi mobility services, autonomous driving platform capabilities, and multi-scenario commercialization, emphasizing safety, scalability, operational efficiency, and technology reusability.
  • Financing Round:First round of external financing
  • Financing Amount:3.2 billion USD
  • Investment Date:2020-05
Profit Plan:Waymo One's commercial expansion in Phoenix, San Francisco, Los Angeles, and partner cities drives Robotaxi revenue growth, and the increased operational scale and reuse of the technology platform enhances unit economics.
Exit Plan:The primary focus is on subsequent financing, continued support from Alphabet, and long-term capital market pathways, while also reserving the possibility of more independent capitalization arrangements in the future.
Joby Aviation
Electric air taxi leader
Joby Aviation is a leading company in the U.S. Advanced Air Mobility (AAM) and Electric Vertical Takeoff and Landing (eVTOL) aircraft field. Its main focus is not on traditional "automobile transportation" but on creating an electric air taxi platform that integrates aircraft research and development, airworthiness certification, manufacturing, and operation services, centered around urban air travel, airport connections, and low-carbon three-dimensional transportation networks.
  • Financing Round:Strategic Financing
  • Financing Amount:60 million USD
  • Investment Date:2022-10
Profit Plan:Returns will be realized through valuation increases and operational revenue releases resulting from the commercialization of eVTOL. Short-term drivers include the advancement of FAA certification, the launch of demonstration operations, and implementation in key cities; medium-term drivers include fleet expansion, improved route networks, and increased volume in high-frequency scenarios such as airport connections.
Exit Plan:The company completed its SPAC listing in August 2021, with the stock code NYSE: JOBY. The exit strategy primarily involves phased reductions in holdings on the secondary market, taking into account certification progress, commercialization implementation, capacity release, and valuation performance to exit at opportune moments, thereby locking in profits and recovering capital while controlling liquidity impacts.
Aptiv PLC
Global leader in automotive technology and mobility solutions
Aptiv is a leading global automotive technology company focusing on automotive intelligence, electrification, and software-defined architecture. Its main businesses cover advanced safety, in-vehicle computing, intelligent connectivity, electrical/electronic architecture, and related software and hardware systems, providing comprehensive technology solutions for future mobility to global automotive OEMs.
  • Financing Round:Joint venture transaction
  • Financing Amount:4 billion USD
  • Investment Date:2019-09
Profit Plan:According to the company's latest guidance for 2026, Total Aptiv's adjusted EBITDA margin is approximately 16.2%, and the adjusted EBITDA margin of the spun-off New Aptiv is approximately 18.6%, indicating that the company has entered a phase of improved profitability and quality optimization.
Exit Plan:The strategy will primarily involve phased reductions in holdings through the secondary market, with exits planned based on a combination of factors including the valuation reassessment following Versigent's spin-off, the realization of profit margins in 2026, the delivery of orders to key platforms, and changes in market risk appetite.
Rivian
Electric pickup truck and delivery van manufacturer
Rivian is a leading U.S. electric vehicle manufacturer, focusing on core scenarios such as electric pickup trucks, electric SUVs, and electric commercial delivery vehicles. It is committed to building electric vehicle platforms covering both passenger and commercial vehicles. The company possesses capabilities in vehicle R&D, manufacturing, software, electrical architecture, and fleet solutions, giving it a strong differentiated advantage in the fields of low-carbon transportation and intelligent electric vehicles.
  • Financing Round:Strategic Financing
  • Financing Amount:700 million USD
  • Investment Date:2019-02
Profit Plan:Leveraging the R1T/R1S high-end passenger vehicles, commercial electric delivery vehicles, and the subsequent mass production of the R2 platform, we will continue to drive revenue growth and improve unit economics; at the same time, we will enhance profitability through manufacturing cost reduction, component simplification, supply chain optimization, and cooperation with Volkswagen on software and architecture.
Exit Plan:The strategy primarily involves phased reductions in holdings through the secondary market, with a focus on exiting at opportune moments around key milestones such as the progress of R2 mass production, improvements in the gross margin of the automotive business, the realization of the Volkswagen investment, and market valuation recovery, in order to lock in profits and recover funds.
ChargePoint Holdings Inc.
Global electric vehicle charging network leader
ChargePoint is a leading global provider of electric vehicle charging networks and software platforms, offering networked charging hardware, cloud service subscriptions, extended warranties, and related solutions for commercial, fleet, and residential applications. The company is not a single charging station manufacturer, but rather builds long-term charging network capabilities using a "hardware + software + service" model, possessing a strong first-mover advantage and customer base in the North American and European markets.
  • Financing Round:Pre-IPO financing
  • Financing Amount:127 million USD
  • Investment Date:2020-08
Profit Plan:The company's revenue for FY2026 was $411.2 million, of which subscription revenue was $162 million, representing a year-over-year increase of 13%, and the full-year GAAP gross margin was 31%. The company had also specified that achieving positive non-GAAP Adjusted EBITDA in a certain quarter of FY2026 was a phased goal.
Exit Plan:The strategy primarily involves phased reductions in holdings through the secondary market, with opportune exits occurring at key junctures such as positive quarterly EBITDA, increased subscription revenue share, improved gross margin, and catalysts from industry policies, in order to lock in profits and recover funds.
TE Connectivity Ltd.
Global leader in connectivity and sensor solutions
TE Connectivity is a leading global industrial technology company specializing in connectors, sensors, and related high-reliability solutions, serving a wide range of industries including automotive, industrial, energy, data centers, aerospace, and medical. The company holds a key component supply position in the electrification, intelligentization, and high-voltage electrical architecture upgrades of automobiles, and is one of the world's leading companies in the automotive connectivity and sensing sector.
  • Financing Round:Debt financing
  • Financing Amount:550 million euros
  • Investment Date:2020-02
Profit Plan:In fiscal year 2025, approximately 41% of the company's sales came from the automotive end market, and the operating profit margin of the Transportation Solutions business was 19.4%. The medium- to long-term returns mainly come from the penetration of automotive electrification, regional platform upgrades, industrial recovery, and the company's leading premium in the field of high-reliability connectivity.
Exit Plan:Staged sales on NYSE (TEL) targeting 15% IRR, timed with the EV volume cycle.
Mobileye Global Inc.
Global leader in autonomous driving technology and ADAS systems
Mobileye is a leading global provider of advanced driver assistance systems (ADAS) and autonomous driving technology platforms. Its core products include the EyeQ series chips, perception and localization algorithms, SuperVision, Chauffeur, and Drive solutions. Mobileye primarily provides global automotive OEMs with integrated hardware and software platforms ranging from ADAS to higher levels of autonomous driving. The company holds a strong global leadership position in intelligent driving chips, visual perception, and system-level solutions.
  • Financing Round:IPO
  • Financing Amount:861 million USD
  • Investment Date:2022-10
Profit Plan:The company's revenue in 2025 was US$1.894 billion, a year-on-year increase of 15%, with an adjusted gross margin of 68% for the full year. Subsequent revenue growth will be mainly driven by the increase in ADAS penetration, the increase in the proportion of high-end products, and the continued ramp-up of OEM mass production projects.
Exit Plan:Listed on Nasdaq (MBLY) in October 2022; the fund holds long and trims alongside Intel's own divestment cadence.
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Company Address:
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