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Private Equity
FINANCE | Investment Firms & Funds
primavera-capital.com

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Investments

58

Portfolio Exits

10

Funds

7

Service Providers

1

About Primavera Capital Group

Primavera Capital Group is a China-based investment firm, focusing on private equity and special situations opportunities. The firm employs a flexible strategy of growth capital, control-oriented, and restructuring investments and seeks to create long-term value by working closely with portfolio companies to improve operational efficiency, competitiveness, and earnings growth.

Primavera Capital Group Headquarters Location

48/F, China World Tower 3 1 Jian Guo Men Wai Avenue

Beijing, Beijing, 100004,

China

+86 10 8559 8988

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Research containing Primavera Capital Group

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CB Insights Intelligence Analysts have mentioned Primavera Capital Group in 1 CB Insights research brief, most recently on Nov 4, 2019.

Latest Primavera Capital Group News

Harvard engineers develop solid-state battery that lasts 20 years, charges in 3 minutes

Sep 17, 2022

Harvard’s Office of Technology Development has granted an exclusive technology license to  Adden Energy, Inc ., a startup developing innovative solid-state battery systems for use in future electric vehicles that would fully charge in minutes. Adden Energy has closed a seed round with $5.15M in funding led by Primavera Capital Group, with participation by Rhapsody Venture Partners and MassVentures. The license and the venture funding will enable the startup to scale Harvard’s laboratory prototype toward commercial deployment of a solid-state lithium-metal battery that may provide reliable and fast charging for future EVs to help bring them into the mass market. Developed by researchers in the lab of Xin Li, PhD, Associate Professor of Materials Science at Harvard John A. Paulson School of Engineering and Applied Sciences (SEAS), the lab-scale coin-cell prototype has achieved battery charge rates as fast as three minutes with over 10,000 cycles in a lifetime, with results published in  Nature  and other journals. It also boasts high energy density and a level of material stability that overcomes the safety challenges posed by some other lithium batteries. Adden Energy was co-founded in 2021 by Li, along with William Fitzhugh, PhD ’20, and Luhan Ye, PhD ’22, both of whom contributed to the development of the technology as graduate students in Li’s Harvard lab. Fred Hu, PhD ’93, founder and Chairman of Primavera Capital, is also a founder of Adden Energy. The startup aims to scale the battery up to a palm-sized pouch cell, and then upward toward a full-scale vehicle battery in the next three to five years. “If you want to electrify vehicles, a solid-state battery is the way to go,” said Li, who is a scientific advisor to Adden Energy. “We set out to commercialize this technology because we do see our technology as unique compared to other solid-state batteries. We have achieved in the lab 5,000 to 10,000 charge cycles in a battery’s lifetime, compared with 2,000 to 3,000 charging cycles for even the best in class now, and we don’t see any fundamental limit to scaling up our battery technology. That could be a game changer.” Fitzhugh, CEO of Adden Energy, noted that in 2019, 29% of U.S. carbon dioxide emissions were produced by transportation. “Complete electrification of the vehicle fleet is one of the most meaningful steps we can take to fight climate change,” he said. “However, broad adoption of electric vehicles requires batteries that can meet a diverse set of consumer needs. For example, 37% of Americans don’t have garages at home, so at-home overnight charging is not possible. In order to electrify this segment, EVs need to recharge at comparable times to internal combustion vehicles, essentially in the time you’d currently spend at the gas pump.” The technology developed at Harvard , which includes core innovations in solid-state battery design and electrolyte production methods, may offer other crucial advantages. “Typically, lithium-metal anodes in other solid-state designs develop dendrites, twig-like growths that can gradually penetrate through the electrolyte to the cathode. We defeat the growth of dendrites before they can cause damage, by novel structural and material designs,” said Ye, who is now CTO of Adden Energy. “As a result, the device can sustain its high performance over a long lifetime. Our recent study shows that this nice feature can also be maintained at scale-up.” “Climate change is the defining challenge facing the world. It is more important than ever to accelerate the transition to clean energy and zero-emission transportation,” said Hu, who also serves on the Global Board of the Nature Conservancy. “Adden Energy’s mission is to develop cutting-edge battery technologies, thereby enabling mass adoption of electric vehicles and contributing to a greener and more sustainable global economy.” “Electric vehicles cannot remain a luxury fashion, literally the ‘one percent’ of vehicles on the road, if we are to make progress toward a clean energy future, and the U.S. won’t have a used-car market if EV batteries last only 3 to 5 years,” added Li. “The technology needs to be accessible to everyone. Extending the lifetime of the batteries, as we’re doing here, is an important part of that.” The solid state battery research advances in Li’s Harvard lab that have been licensed to Adden Energy were enabled in part by funding from the University’s Climate Change Solutions Fund, which supports research and policy initiatives addressing climate change, the transition to clean energy, and related health impacts; and from Harvard OTD’s Physical Sciences and Engineering Accelerator, which advances researchers’ most commercially promising innovations toward the launch of new startups and industry engagements. Li’s lab has also received funding in support of solid-state battery research from the Massachusetts Clean Energy Center (MassCEC) Catalyst Program, the Harvard Data Science Initiative, the Harvard FAS Dean’s Competitive Fund for Promising Scholarship, and the U.S. Department of Energy. Sep 17, 2022

Primavera Capital Group Investments

58 Investments

Primavera Capital Group has made 58 investments. Their latest investment was in Zhongke Deep Blue Huize New Energy as part of their Seed VC on August 8, 2022.

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Primavera Capital Group Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

8/20/2022

Seed VC

Zhongke Deep Blue Huize New Energy

Yes

1

8/5/2022

Series C - III

Enflame

No

1

8/1/2022

Series A

PIMCHIP

Yes

1

6/29/2022

Series A

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$99M

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10

5/16/2022

Series A - II

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$99M

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10

Date

8/20/2022

8/5/2022

8/1/2022

6/29/2022

5/16/2022

Round

Seed VC

Series C - III

Series A

Series A

Series A - II

Company

Zhongke Deep Blue Huize New Energy

Enflame

PIMCHIP

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Amount

$99M

$99M

New?

Yes

No

Yes

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Co-Investors

Sources

1

1

1

10

10

Primavera Capital Group Portfolio Exits

10 Portfolio Exits

Primavera Capital Group has 10 portfolio exits. Their latest portfolio exit was GoTo on April 11, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

4/11/2022

IPO

$99M

Public

4

10/15/2021

IPO

$99M

Public

1

10/30/2020

IPO

$99M

Public

2

9/18/2020

IPO

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$99M

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10

8/27/2020

IPO

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$99M

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10

Date

4/11/2022

10/15/2021

10/30/2020

9/18/2020

8/27/2020

Exit

IPO

IPO

IPO

IPO

IPO

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

Public

Public

Public

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Sources

4

1

2

10

10

Primavera Capital Group Acquisitions

6 Acquisitions

Primavera Capital Group acquired 6 companies. Their latest acquisition was Reckitt Benckiser - Infant Formula and Child Nutrition Business on June 07, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

6/7/2021

$99M

Acquired Unit - Fin

2

6/5/2021

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$99M

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10

7/1/2019

Other Venture Capital

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$99M

$99M

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10

8/1/2018

Other Venture Capital

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$99M

$99M

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10

11/9/2017

Other Venture Capital

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$99M

$99M

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10

Date

6/7/2021

6/5/2021

7/1/2019

8/1/2018

11/9/2017

Investment Stage

Other Venture Capital

Other Venture Capital

Other Venture Capital

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

$99M

$99M

$99M

Note

Acquired Unit - Fin

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Sources

2

10

10

10

10

Primavera Capital Group Fund History

7 Fund Histories

Primavera Capital Group has 7 funds, including Primavera Capital Fund III LP.

Closing Date

Fund

Fund Type

Status

Amount

Sources

12/31/2019

Primavera Capital Fund III LP

Diversified Private Equity

Open

$3,400M

1

11/12/2019

Primavera Capital Group III

$99M

10

12/19/2016

Primavera Capital Fund II

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$99M

10

Primavera Capital Group I

10

Chunhua Fund

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10

Closing Date

12/31/2019

11/12/2019

12/19/2016

Fund

Primavera Capital Fund III LP

Primavera Capital Group III

Primavera Capital Fund II

Primavera Capital Group I

Chunhua Fund

Fund Type

Diversified Private Equity

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Status

Open

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Amount

$3,400M

$99M

$99M

Sources

1

10

10

10

10

Primavera Capital Group Service Providers

1 Service Provider

Primavera Capital Group has 1 service provider relationship

Service Provider

Associated Rounds

Provider Type

Service Type

Acquired Unit - Fin

Commercial Bank

Financial Advisor

Service Provider

Associated Rounds

Acquired Unit - Fin

Provider Type

Commercial Bank

Service Type

Financial Advisor

Partnership data by VentureSource

Primavera Capital Group Team

2 Team Members

Primavera Capital Group has 2 team members, including , .

Name

Work History

Title

Status

Fred Hu

Greater China International Group, Goldman Sachs, and International Monetary Fund

Founder

Current

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Name

Fred Hu

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Work History

Greater China International Group, Goldman Sachs, and International Monetary Fund

Title

Founder

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Status

Current

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