Silver Lake Investment Group (hereinafter referred to as Silver Lake) announced they had invested in Nobao Renewable Energy Group (hereinafter referred to as Nobao) on Oct.22, this was the first investment on clean technology field for Silver Lake.
According to sources close to the deal, the amount of investment and the transactions involved with Nobao maximum up to 100 million USD.
Board Chairman and CEO Sun Guoping stated to the journalist of Finance magazine ”the funds are mainly used to increase capital investment in R&D team will also be used for future projects under construction as well as for update of number of factories manufacturing equipment”.
As an enterprise for energy saving management solution, Nobao adopts ground source heat pump technology on commercial and residential building in order to make more energy saving, environment friendly on heating, cooling and hot water supply. Nobao introduces energy management contract operating schema to achieve energy saving for customers under the premise of “zero upfront costs”.
Board member General Manager of Silver Lake Mr. Chen Xun indicated during his interview with Finance magazine journalist that “clean technology is the industry which Silver Lake concerns about, Nobao involves ground source heat pump technology on clean technology market. The desire for clean technology in China has created a very dynamic market. Ground source heat pump has a very mature technology in the West, Nobao meets the unique needs of technology innovation in China at the background of western mature technology”.
Nobao obtained 30 million USD financing from Qing Yun Venture Capital in 2009. Nobao scheduled to be listed in U.S.A on June.3.
Sun Guoping indicated the reason for not able to be listed in USA was the turbulence of capital market ”we chose the least appropriate opportunity at that time ”.
Sun Guoping revealed there’s no more plan for being listed recently “we will expand our business in different cities in the future half year to one year after the completion of transactions with Silver Lake”.
Sun Guoping disclosed “Silver Lake will bring our company some technical support on advanced management and overseas business development. On the regression capital market, Silver Lake may play a role of guidance and promotion regarding finance and policy.