Primavera Capital Invests in Envision to Advance Carbon Neutrality

BEIJING,Oct. 21,2021 -- Primavera Capital Group ("Primavera") announced a strategic investment of US$600 million in Envision Energy and Envision AESC,two subsidiaries of Envision Group ("Envision"). This is another important investment by Primavera in the field of carbon neutrality.

Envision is a world leading green-tech company. With the mission of "solving the challenges for a sustainable future",the company is committed to becoming a "net-zero technology partner" for enterprises,governments,institutions and cities across the world.

Envision continues to promote wind and solar power as the "new coal",batteries and hydrogen fuel as the "new oil",the AIoT network as the "new grid",the net-zero industrial parks to the "new infrastructure",and to promote the construction and cultivation of green "new industry".

Envision designs,sells and operates smart wind turbines and energy storage products through envision Energy,AIoT-powered batteries through Envision AESC and the world's largest AIoT operating system through Envision Digital. In October 2021,Envision is ranked #2 on Fortune's global "Change the World List",praised for the key role it plays in getting the world to reach its aims for net-zero emissions.

Long focused on the "net-zero" industry,Primavera has previously invested in Zhuhai CosMX Battery Co,China's largest supplier of polymer lithium-ion batteries,as well as electric vehicle industry leaders such as Xpeng Auto,NIO Auto and shared travel solution provider Hello Inc.

Commenting onthe investment,Fred Hu,founder and chairman of Primavera,says: "Primavera fully recognizes Envision's technological innovation prowess,advanced manufacturing and integrated services capabilities. By leveraging our respective strengths in both domestic and international markets,including the strong eco-system of Primavera's portfolio companies,we intend to support Envision's global expansion and growth,empower many more industries to achieve zero-carbon transition,and promote mass adoption of renewable energy and clean tech in China and globally."

William Wang,founding-partner of Primavera,comments: "Envision is a carbon neutrality technology leader both in China and globally. Based on its cutting-edge technology,talent first philosophy and culture-led development path,the company has successfully integrated data,algorithms and sophisticated manufacturing and developed itself into a China-based global industry leader. We are extremely pleased to be able to invest in such a promising company. We plan to assist Envision the pursuit of carbon neutrality in China and around the world."

Lei Zhang,CEO of Envision,says: "Envision is committed to driving the green 'new industrial revolution' through renewable energy transition. Long-term strategic capital is important and constructive to us. We look forward to working together with Primavera to develop a new green industrial system in order to create a better net-zero world."

The world is currently undergoing a revolution of "green economy + digital technology". In a world full of uncertainties,one thing that is certain to happen in the coming three decades is that the world's major economies will actively pursue carbon neutrality. China,the U.S. and the E.U. have all announced their carbon neutrality targets in the past year.

While still in a period of rapid economic and social development with huge energy demand,China is facing enormous challenges to achieve the dual goals of "carbon peak by 2030" and "carbon neutrality by 2060". The development of renewable energy has therefore become a priority not only to reach these goals but also to safe-guard national energy security and stable development conditions for society.

Since 2020,China's Ministry of Ecology and Environment,Ministry of Energy,Ministry of Industry and Information Technology and the central bank have all set up action plans designed to achieve the "dual carbon goals". These plans have had a favorable impact on the sustainable and healthy development of wind and solar industries in China. In the future,the proportion of wind and solar power in China's energy mix will continue to rise,with total installed capacity expected to reach 1.2 billion kilowatts by 2030.

About Primavera Capital Group

Primavera Capital Group is a premier China-based global investment firm that manages both RMB and USD funds for leading institutions,corporations and prominent family offices around the world. Primavera seeks the best opportunities from China's historic transition from a middle-income to an advanced economy and focuses on consumer and retail,technology,healthcare,advanced manufacturing,business services,and financial services sectors. For more information,please visit https://www.primavera-capital.com/.