Qingpu-based enterprise Qiyuan Green Power completed a 1.5 billion yuan (US$208.91 million) B-round equity financing recently, becoming the city’s first unicorn enterprise in 2024.

As an advanced transportation electrification, energy service and digital operation management company located in the West Hongqiao Business District of Qingpu, Shanghai Qiyuan Green Power Technology Co Ltd has established heavy truck charging and swapping stations in 31 provinces, autonomous regions and municipalities across the country, becoming the leading enterprise in China's heavy truck charging and swapping market with a market share of over 65 percent.

As of the end of 2023, the company has delivered over 23,000 heavy trucks and construction machinery and has built more than 600 charging and swapping stations.

In recent years, the West Hongqiao Business District has seized the opportunity of developing the new energy industry and actively expanded the "green power transportation" industry chain.

At present, the State Power Investment Corporation's green power transportation headquarters, covering an area of 43,000 square meters with a total investment of over 4 billion yuan, is under construction.

In addition, the West Hongqiao Business District has gathered more than 30 industrial chain enterprises such as Qiyuan Green Power and Palcan Energy, accelerating the green and low carbon industry.