Tangneng Technology Secures Over RMB 200 Million in Financing with Winshine Capital as Financial Advisor

VCBeat has learned that recently,Zhejiang Sugar Energy Technology Co., Ltd. (hereinafter referred to as “Sugar Energy”) announced the achievement of a significant milestone, successfully completing equity and debt financing totaling over RMB 200 million. This round of financing attracted participation from several renowned institutions, including SDIC, the Provincial Green Petrochemical and New Materials Fund, and government-guided funds at both the Zhoushan municipal and county levels, with Kaicheng Capital serving as the financial advisor. The coordinated investment by national, provincial, municipal, and county-level funds in this round underscores the strong confidence of the market and capital in Sugar Energy’s development prospects.

This combined financing strategy not only optimizes the company’s capital structure but also provides ample financial support for the smooth advancement of its core project—the 12,000-ton annual production facility for 5-hydroxymethylfurfural (HMF), along with the pilot plant and supporting auxiliary facilities—thereby accelerating the completion of the world’s first HMF production line with an annual capacity of 10,000 tons.

SUGAR ENERGY, established in December 2017, is a global leader in the research and development, production, and application of new bio-based furan materials, with its core technology originating from the Ningbo Institute of Materials Technology and Engineering, Chinese Academy of Sciences. Leveraging its capabilities in high-end raw material production and downstream industrial innovation, the company has built a bio-based materials industry development system centered on “one core monomer plus N derivative innovative products.” To date, it has achieved breakthroughs in more than 120 key technologies, covering critical processes such as high-efficiency dehydration catalysts, solvent-assisted catalysis, and green purification techniques. It has successfully overcome technical barriers associated with HMF production, including low selectivity, product instability, and difficult purification, and has pioneered continuous production processes internationally, filling a technological gap in this field. A series of downstream products developed based on HMF have been successfully applied in multiple sectors, including high-performance engineering plastics, high-barrier film materials, bio-based fibers, adhesives, surfactants, eco-friendly coatings, feed additives, and food additives, thereby achieving domestic self-sufficiency and control over key raw materials.

SUGAR ENERGY has actively partnered with leading chemical enterprises both domestically and internationally to establish robust collaborative relationships. These collaborations encompass joint technology development, supply chain integration, and the co-promotion of innovative applications for HMF and its derivatives in fields such as polyesters and new materials. With strong support from these industry leaders and driven by the industrial chain, the HMF sector is experiencing rapid growth. Production capacity for downstream derivatives like FDCA continues to expand, application scenarios are constantly broadening, and a complete ecosystem spanning from upstream raw materials to end products is gradually taking shape. This collaborative landscape has not only significantly enhanced the international competitiveness of relevant Chinese enterprises but also injected strong momentum into the high-quality development and green transformation of the bio-based materials industry.