Hangzhou Times Daye New Energy Co., Ltd. announced that it will receive CNY 15 million in equity round of funding on July 13, 2022. The transaction will include participation from new investor TianJin JinRong TianYu Precision Machinery Inc. for 15% stake in the company. After the completion of the transaction the registered capital of the company will increase from CNY 10,000,000 to CNY 11,764,700.

Out of the total proceeds of CNY 15,000,000, CNY 1,764,700 will go towards registered capital and remaining proceeds of CNY 13,235,300 will go towards capital reserve. The transaction has been approved in the twenty-seventh meeting of the second board of directors of the investor.