CTP Energy Technologies, an international energy efficiency company, has secured $1,2 billion from a $1 billion round led by a group of Chinese investors, the latest in a string of big-money investments in the energy industry by China-based energy firms.
The investment, which will be used to support the company’s energy efficiency projects, was announced Thursday by CTP CEO, Lianjie Wang.
The announcement comes a day after CTP reported fourth-quarter earnings that beat Wall Street expectations and showed it was on track to post a profit.
CTP, founded in 2013, has about 300 employees in Beijing.
The company’s initial public offering (IPO) closed on Oct. 4.
CPT’s latest investment in energy-efficient projects, which include power-generating devices, is its first for the Chinese market, according to a statement from the Chinese government.
The funding, which CTP said was not disclosed, was backed by a total of about $200 million, which it says is more than what it spent on the company as a whole.
CTS Energy Technologies already has about $1 trillion in assets under management, according a company statement.
The funds will be distributed over a five-year period, according the statement.
CTO of CTP Group, Wang Zheng, said the investment is the latest of many for CTP.
Wang Zheng said CTP will continue to support energy-saving projects, including building more energy efficient plants and reducing carbon emissions.
“This will help us achieve CTP Vision 2020, which is to help CTP deliver an energy efficiency solution that can meet the needs of the world,” Wang said.
“It is a great day for CPT, for CTS, for all the companies in CTP.”
Wang said CPT will also continue to focus on developing new technologies, particularly wind energy, which he said will have the largest impact on the global energy market.
Wang said the funding will help CPT continue to work on the next generation of energy-saver technologies, including a “smart grid” to provide energy-independent, smart energy services.
CITC Group, another CTP subsidiary, recently completed its $2 billion acquisition of the energy-consuming, green-energy-saving company Windpower in China.
The wind energy company has about 1,500 employees worldwide and is based in Singapore.
CTC and CITCs are owned by Chinese investor Fosun Group.
CNT Energy Group, a leading Chinese energy company, is also part of the $2.8 billion investment, according CPT to Reuters.
CFT Energy, which also is part of CPT Energy, is a China-owned energy company.
CTT also owns CNTs energy-conserving wind and solar companies.
CT Energy Technologies is China’s largest energy company and is the largest company in the world to build wind turbines.
CCT has a presence in more than 100 countries.
CMT is based out of Beijing.
CTI has been active in the Chinese energy sector since the early 1990s, when it opened its first manufacturing plant in China, according Toews.
“CTS is the first Chinese energy technology company to come to market in China and the first to be able to compete with Western energy companies in the global market,” Toews said.
CTD is also based in Beijing and was a founding partner of CTS.
“Its investments in Chinese energy have resulted in its growth in China,” Toew said.
The two companies’ companies, CTS and CCT, were among the first two to receive Chinese government support in the form of grants.
CTE is one of CTC’s largest shareholders, according TOews.
CTA has also received government support, according The Wall Street Journal.
CTF has also been an investor in several Chinese energy companies, including CTF Group, CTE Energy, CTT, CCT and CTC Energy.