Astro-E closed Seed Round Financing, and Asia Green Fund Participated in the Investment

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Jan 11, 2023, 21:17 ET

BEIJING, Jan. 11, 2023 /PRNewswire/ -- Recently, Astro-Energy Technology（hereinafter referred to as Astro-E）, a service provider of household new energy products and systems, announced that it has closed tens of millions RMB in its seed round financing. This round of financing was led by CAS Venture Capital, followed by Asia Green Fund (hereinafter referred to as AGF) and Ningbo Angel Capital Guiding Fund. The funding will be mainly used for R&D and production of the photovoltaic micro-inverter, as well as the development of key production equipment for flexible thin-film solar cells.

Astro-E was established in Jan. 2022. The technology of the company is supported by the Institute of Electrical Engineering Chinese Academy of Sciences, and the R&D team members are all from the Chinese Academy of Sciences. Several technologies of the company have independent intellectual property rights, and it is committed to promoting the development of a new energy industry in China and the transformation of scientific and technological achievements of carbon emission reduction. The main products of the company are the smart micro photovoltaic power manager and flexible thin-film solar cells. Products are oriented to high-end new energy markets such as distributed photovoltaic, building energy-saving power generation, electric vehicles, mobile energy, and aerospace, etc.

Under the status of global carbon neutrality and energy shortage, the transformation of the energy structure is accelerating and the advantages of distributed photovoltaic which is not limited by land resources and low transmission cost are gradually highlighted. Thus, the newly installed capacity and proportion of distributed photovoltaic are increasing.

Liu Xiangxin, Founder of Astro-E, is a head expert in the field of CdTe solar cells and has more than 20 years of industry R&D experience. Astro-E has developed the only domestic micro-inverter (power manager) which is specialized in various thin-film solar cell modules. The first-generation microinverter TM-LV2000MI and other products suitable for silicon solar cell modules will be put on the market in early 2023.

Allen Yu, Managing Director of AGF, said: "Astro-E is an important layout of AGF in the field of green investment. We are optimistic about the application of distributed photovoltaics in many emerging scenarios like the construction industry and automobile field under the dual-carbon target, and highly recognize the product value and technical barriers of Astro-E's smart micro inverter and CdTe thin-film cells. It is expected that Astro-E can quickly fill the supply vacancy and continue to help the development of the photovoltaic industry and green buildings in China through the innovation of materials and technologies. "

SOURCE Asia Green Fund