Hengxing Power announced that it has completed a Pre-A financing round led by Guokai Kechuang, the equity investment platform of the China Development Bank. Other participating investors include Shanghai Future Industry Fund, Xinding Capital, Changshi Capital, BV Baidu Ventures, Yunbo Capital, Mingyu Venture Capital and Yuanshi Fund, with existing shareholders Cathay Capital and Houxue Capital continuing to invest.

The company said the new capital will be used to expand its aerospace engineering team, advance space-based photovoltaic engineering, and develop the upstream and downstream segments of its space power business.