General Water Technology (GWT), a portfolio company of Gaocheng Capital, announced its completion of Series B financing of tens of millions of US dollars. Notably, Gaocheng Capital exercised over-subscription right in this round of financing, demonstrating high confidence in GWT’s growth potential. Proceeds from the funding round will be used to support technology research on water purification products, improve supply chain efficiency, strengthen customer services, and facilitate GWT’s global expansion. GWT’s global research and manufacturing base, which was established in Ningbo Qianwan Development Area, is set to commence operations in the first half of the year.
Commercial water purifiers are the ideal alternative to bottled water and containerized water. They help customers avoid the risks of contamination associated with containerized water, reduce the hassle of replacing containers, and free up storage. In addition, they reduce plastic waste and carbon emissions, enhance employee satisfaction, and help companies achieve ESG (Environmental, Social, and Corporate Governance) goals in a “dual carbon” economy.
The production and transportation of a 500ml bottled water generates 110g of carbon emissions. In the case of drinking water supply in an office with a daily consumption of 100 liters, using GWT commercial water purifiers can reduce daily carbon emissions by 22kg (reduce annual carbon emissions by 5.5 tons). As of 2021, GWT’s commercial water solutions have helped clients save over 500 million disposable plastic bottles, reducing carbon emissions by over 55,000 tons. GWT fulfills its ESG responsibilities through innovative technology, and is dedicated to promote sustainable development and environment protection.
In 2021, GWT delivered rapid growth, with the value of contract tripled compared to 2020. The installation of commercial direct-drinking machines grew tenfold. The company’s business now spans 30 provinces and regions with nearly 500 retail stores. GWT has the most comprehensive product line of commercial water purification solutions in the industry. It is serving over a thousand high-end clients, including McDonald’s, Schneider Electric, Sephora, SAIC Group, and Xiaopeng Motors. These partnerships cover various industries, including business offices, education and catering, real estate and property, medical systems, financial systems, factories and logistics. GWT always places high-quality service at its core, striving to create G+ service that exceeds clients’ expectations. It makes high efficiency, 24/7 availability, timely response, and high quality the hallmark of its services. GWT’s service network covers 25 provinces and nearly 200 cities.
Mr. Tim Wang, Co-Founder and CEO of GWT emphasized that the company’s mission is to revolutionize traditional water consumption with innovative technologies and promote plastic reduction. By focusing on technology, services, and data, GWT aspires to leverage GE’s commercial and household water purification solutions to serve both the domestic and international markets and establish itself as the global leader in Water-as-a-Service (WaaS).
As the lead investor of the Series A financing of GWT and the company’s largest institutional shareholder, Gaocheng Capital continues to increase its stake in the Series B financing by over-subscribing its portion. Ms. Jing Hong, Founding Partner of Gaocheng Capital, said, “Through our close collaboration with the GWT team over the past year, we have great confidence in the commercial water purification market, GWT’s innovative ‘Water-as-a-Service (WaaS)’ model, as well as the team’s strategic vision and execution. We are pleased to continue supporting GWT’s development in this Series B financing round and accelerating its mission to ‘use innovative technology to revolutionize traditional water consumption and promote plastic reduction.'”
