According to the Science and Technology Innovation Board Daily on March 17 (Researcher Zeng Le and Wang Feng), data from the Financial Association's Venture Capital Channel indicates that there were 52 private equity investment and financing events in the domestic Carbon Neutrality sector in February, a decrease of 24.64% from 69 events the previous month. The total disclosed financing amount was approximately 1.835 billion yuan, an increase of 13.98% from 1.61 billion yuan last month.

Investment and financing situation in segmented fields.

In terms of the number of investment events, the photovoltaic, synthetic biology, and energy storage sectors were more active in February, with each sector having four or more financing events.

In terms of total financing amounts, Self-Driving Cars, synthetic biology, and eVTOL topped the list; New Stone completed a 1 billion yuan C+ round financing participation by multiple logistics giants and China International Capital Corporation among other financial investors, which was the highest disclosed financing event in the Carbon Neutrality sector for February.

Popular investment rounds.

Regarding investment rounds, aside from equity financing, there were the most A-round financing events in February related to the Carbon Neutrality sector, totaling 19, accounting for approximately 37%; followed by seed and angel rounds, with 10 events, accounting for about 19%. In terms of the amount raised across rounds, the total disclosed financing from C round and beyond was highest at approximately 1.5 billion yuan; followed by the A round, approximately 0.175 billion yuan.

Active investment and financing regions.

From a regional perspective, in February, Guangdong, Jiangsu, Peking, Zhejiang, Shanghai and other places had a high number of companies receiving investment in the Carbon Neutrality concept, all at five or more; Guangdong ranked first in financing activity with nine instances. Looking at individual cities, Shenzhen had eight companies receiving investment, ranking first; Peking followed closely with seven companies receiving investment.

Active Investment Institutions

Investment parties laying out in the Carbon Neutrality field in February included well-known investment institutions such as DCF Investments, Gobi Partners, Lightspeed China Partners, Huari Investments, Cornerstone Capital, Jinjing Investment, Songhe Capital, Tongchuang Weiye, Donghai Investment Holdings, Inno Angel Fund, CICC Capital and more;

as well as industrial investors like NIO Capital, EHang and Yingfeng Group;

it also included state-owned background investment platforms and government-guided funds such as Beijing State Management, Yizhuang National Investment, Changjin Holdings Group, Zhongshan Jin Holdings, Xigao Investment, Guangxi Jiao Investment Capital, Gansu Ke Investment, State Investment Recruitment, and Shandong Railroad Fund.

Some active investors in February are listed as follows:

Noteworthy investment events

New Stoneware completed 1 billion yuan in Series C+ financing.

New Stone was established in 2018 and is a provider of unmanned logistics vehicles for Smart Cities. With over a decade of experience in creating intelligent hardware for the logistics industry and leveraging automotive-grade product capabilities, the company utilizes Level 4 self-driving cars, harnessing the power of Vehicle Networking, and possesses the ability to commercialize Level 4 unmanned vehicle products and scale them for delivery.

The Enterprise Innovation Assessment Laboratory shows that New Stone has a global Star capability rating of A in the field of Internet and Cloud Computing, as well as Big Data services, and is a national Specialized, Special and New small giant enterprise. Currently, there are over 860 public patent applications, of which over 60% are invention applications, with more than 10 PCT applications, primarily focusing on technologies in unmanned vehicles, autonomous driving, self-driving, Electric Appliances, and graphical user interfaces.

Recently, the company announced the completion of 1 billion yuan in Series C+ financing, supported by several logistics giants and financial investors such as CICC.

According to the financial report from the venture capital platform - Zhizhong Data, using March 2025 as the projected baseline time, the probability of New Stone securing financing in the next two years is estimated to be 96.21%.

Data from the venture capital platform shows some of the investment cases in the domestic autonomous driving field over the past year:

Ruidelin Bio completed over 0.5 billion yuan in Series C financing.

Ruidelin Bio was founded in 2017 and is a high-tech enterprise that focuses on synthetic biology technology, relying on a multidisciplinary cross-application technology platform to research and produce functional health raw materials. Currently, the company has achieved mass production of dozens of green active raw materials, including Semaglutide, Tirzepatide, S-Resveratrol, NAD+, Copper Peptide, HMOs, various peptides, and more.

The Enterprise Innovation Assessment Laboratory shows that Ruidelin Bio has a global Star capability rating of A in the fields of biotechnology and related industries, and is a national Specialized, Special and New small giant enterprise. Currently, there are 120 public patent applications, with over 99% being invention applications, and 7 PCT applications, focusing mainly on technologies in biotechnology, enzyme connections, amino acids, Ergothioneine, and mutants.

Recently, the company announced the completion of over 0.5 billion yuan in Series C financing. This round of financing was jointly invested by Songhe Capital, Cornerstone Capital, Changde Xingxin, Silver Technology Key, and Changde Deyuan. The raised funds will mainly be used for capacity construction and new product research and development.

According to the Financial Association's Venture Capital Pass—Zhizhong Data, using March 2025 as the reference prediction time, the financing forecast probability for Ruide Lin Bio in the next two years is 83.92%.

Data from Venture Capital Pass shows that in the past year, some investment cases in the field of domestic synthetic biology are as follows:

Dreaming of the Sky completed a billion-level Pre-A and Pre-A+ round financing.

Dreaming of the Sky was established in 2022 and is mainly engaged in the research and development of hybrid tilt eVTOL. The company started prototype development verification in 2018 and will complete the first flight and full-process transition flight test of the ton-level hybrid tilt eVTOL in 2024, and has conducted flight/vehicle tests on hybrid solutions such as liquid hydrogen fuel cells and turbine power generation.

The Enterprise Innovation Assessment Laboratory shows that the equity penetration science and technology innovation capability rating of Dreaming of the Sky is CC grade. Dreaming of the Sky and its holding subsidiary currently have 8 public patent applications, of which 12.5% are invention applications, mainly focusing on technical layout in the fields of aircraft, drive components, thermal conductive adhesives, and high-voltage distribution boxes.

Recently, the company announced the continuous completion of billion-level financing in the Pre-A and Pre-A+ rounds. This round of financing was led by Yueda Automotive Science and Technology Innovation Fund and Yaotu Capital, with follow-up investments from Xiaochi Capital, Tongwei Capital, and others. The funds will support the application of the ton-level unmanned eVTOL DF600 "Jinghong" and accelerate the research and development and airworthiness of the high safety level manned eVTOL DF3000 "Youlong."

According to the Financial Association's Venture Capital Pass—Zhizhong Data, using March 2025 as the reference prediction time, the financing forecast probability for Dreaming of the Sky in the next two years is 78.39%.

According to data from Venture Capital, in the past year, there have been some investments in the domestic eVTOL field as follows:

List of total investment events in February:

Notable fundraising events.

The New Energy Vehicle Industry Fund of Zhejiang Province has been established, with a total scale of 7 billion yuan.

On February 18, the signing and release ceremony of the New Energy Vehicle Industry Fund of Zhejiang Province was held in Hangzhou. The total scale of the Zhejiang New Energy Vehicle Industry Fund is 7 billion yuan, registered in the Binjiang District of Hangzhou, and it is the largest and longest-term industry cluster fund among the "4+1" special fund group. The fund adopts the "direct investment + sub-fund" model, focusing on the entire industry chain of new energy vehicles, covering upstream and downstream industry chain links such as key materials and components, vehicle manufacturing, and the automotive aftermarket, as well as cross-field areas related to new materials, new energy, integrated circuits, AI, and smart connected vehicles.

The CICC Titanium Green Carbon Technology Fund has completed fundraising, with a scale of 3.003 billion yuan.

On February 17, the CICC Titanium Green Carbon Technology Private Equity Investment Fund (Shenzhen) partnership (Limited Partnership), initiated by CICC Capital in conjunction with CHINA TAIPING Insurance (Group) Co., Ltd., National Green Development Fund Co., Ltd., and Shenzhen Baoan District Industry Investment Guidance Fund Co., Ltd., completed its fundraising and has recently been filed with the China Securities Investment Fund Industry Association. The fund has a scale of 3.003 billion yuan, aiming to actively strengthen support for green technology and guide the green industry through private equity investment, promoting patient capital towards green low-carbon and forward-looking emerging industries. The fund will focus on the theme of green carbon neutrality, primarily laying out in related fields such as green energy, green transportation, green manufacturing, and green cities.

The Dynagreen Environmental Protection Fund has completed registration with the Asset Management Association of China, with a total scale of 21 million yuan.

2月12日，江苏省战略性新兴产业母基金第二批产业专项基金集中签约仪式举行。其中，省环保集团作为基金发起人，发起设立并主导管理江苏省节能环保战新产业基金，总规模达3 billion元。该基金由江苏省战新母基金、江苏省环保集团、南京江北新区、无锡市环保集团共同出资组建，江苏省环保集团子公司江苏金环投资管理有限公司担任基金管理人。基金将围绕“节能环保”产业集群，重点投资于绿色环保产业领域的高效节能、先进环保、资源循环利用、新型废旧物资回收循环利用、新兴环保服务以及省环保集团生态环境治理与保护和绿色产业两大主业相关方向。

Secondary Market Overview.

2月无碳中和概念公司IPO；先导智能、思格新能源、宁德时代向港交所递交H股发行并上市申请。

2月碳中和概念A股上市公司中，金博股份公布了定增预案。该公司拟以18.65元/股的发行价格向实控人控制企业——湖南金博高新科技产业集团有限公司发行股票不超过5.3619 million股，募集资金总额不超0.1 billion元，扣除相关发行费用后将全部用于补充流动资金。

Overseas Venture Capital Cases

Terra CO2完成82 million美元B轮融资

Terra CO2成立于2016年，是美国一家专注低碳建筑材料的公司。该公司利用丰富原材料，通过独特技术，将其转化为高性能、低成本的水泥材料，助力全球建筑行业绿色转型。

2月18日，该公司宣布完成82 million美元B轮融资。本轮融资由Just Climate、Eagle Materials（纽交所代码：EXP）和GenZero共同领投，多家工业合作伙伴参与（相关正式公告将陆续发布），种子轮和 A 轮的领投方Breakthrough Energy Ventures (BEV) 继续加持。融资资金将用于加速公司OPUS技术的商业推广，计划在北美建设多个全面投产的生产设施，并在欧洲启动初步开发工作。

Hyperlume completes a $12.5 million seed round financing.

Founded in 2022 and located in Ottawa, Canada, Hyperlume has chosen ultra-high-speed Micro LED as the light source, paired with high-efficiency driving ASICs, to develop a low-cost chip-to-chip optical interconnect technology suitable for short-distance communication within AI compute cluster racks. This technology has inherent advantages over copper interconnects in terms of low latency and low power consumption, while being less expensive than laser interconnects.

On February 19, the company announced the completion of a $12.5 million seed round financing, led by the Deep Technology Venture Fund of the Business Development Bank of Canada (BDC) and ArcTern Venture, with participation from institutions such as MUUS Climate Partners, SOSV, and Intel Capital.

Venture Capital通: A primary market service platform under the Financial Association and Star Daily, was listed on the Shanghai Data Exchange in April 2022. Through Xingkuang Data, primary market investment and financing data, enterprise innovation assessment laboratories, innovation company databases, watchlist of unlisted companies, early information on companies planning to go public, and industry research and analysis, it provides a one-stop service system from data products to solutions for innovative companies and venture capital institutions.