Wofu Permanent Magnet has received Series B strategic investment and will continue to focus on permanent magnet transmission related products in 2023

        Recently, Wofu Permanent Magnet Technology completed its Series B strategic investment, which was jointly invested by Hefei Emerging Industry Venture Capital, Science and Technology Transfer Investment Fund, Huihang No.3 Equity Investment, Hefei High tech Incubation Venture Capital, and Zowo Management Consulting. The funds obtained this time will continue to be invested in the expansion of new product lines and technological research and development.

        Wofu Permanent Magnet Technology is a national high-tech enterprise, specialized and innovative "little giant" enterprise, and national intellectual property advantage enterprise that integrates scientific research, design, production, and sales. The company has been focusing on permanent magnet transmission for more than ten years, and its products are widely used in energy-saving technology upgrades of high-power motors in many fields such as power, metallurgy, chemical, cement, coal, steel, and military. Its customers include five major power groups, "three barrels of oil", local state-owned enterprises, and many other central and listed companies, with more than two thousand application cases and energy-saving rates generally reaching 20-50%. We have a large number of core patents in key technologies such as speed control mechanisms, bearings, and overall structural design selection. The Ministry of Industry and Information Technology has registered our scientific and technological achievements as "leading domestically" (certificate number: 202034ZK4474).

        At present, under the background of the national dual carbon strategy, Wofu Permanent Magnet is actively expanding its projects in permanent magnet synchronous motors, permanent magnet drum motors, and air-cooled island motors based on advanced technology and manufacturing experience in the field of permanent magnet transmission. With a deep understanding of the supply chain and market value of the permanent magnet motor industry, Wofu Permanent Magnet has achieved an extension and expansion into the field of permanent magnet motors, helping to promote the development of China's efficient motor industry.

        With the support of the capital market, Wofu Permanent Magnet will continue to improve its internal control and corporate governance structure, establish a scientific management system and governance structure. After completing this round of financing, the company will continue to focus on and deepen its research on permanent magnet transmission technology, deepen its business and technology, and continuously highlight its technological advantages in the field of permanent magnet transmission.

        After the gradual implementation of the fundraising projects in this round of financing, the company will continuously improve its industrial chain layout, expand its business and profit scale, and build a research and development, production, and operation team that is in line with international standards, providing strong support for China's dual carbon strategy.