Investing in Meikesheng: How the “Battery Doctor” Is Redefining Energy Storage with Advanced Technology
Meikesheng Energy, founded in 2018, has transformed from a battery safety diagnostic company into a leading energy storage investment and operation enterprise in Shanghai. In 2024, the company achieved a remarkable financing milestone in the private industrial storage sector. It has secured investments from major national funds, including the National Green Development Fund led by the Ministry of Finance and the Beijing Green Energy Fund from the Beijing Municipal Government. With the backing of these state-owned funds, Meikesheng raised over 1 billion yuan in just one year, achieving a pre-investment valuation exceeding 3.6 billion yuan in February 2024.
In a competitive energy storage market filled with giants, what made this company, led by a female entrepreneur from the post-80s generation, a preferred choice for national capital? While some industry experts questioned its “weak moat” and “overvaluation,” Meikesheng countered these criticisms by partnering with over 30 central state-owned enterprises, five major power generation groups, and more than 100 Fortune 500 companies, managing 5 GWh of energy storage assets. However, the company’s reliance on externally sourced components and its lightweight asset model raise concerns about operational risks amidst the intensified competition in commercial storage.
As the energy storage sector consolidates during a capital winter, can Meikesheng leverage disruptive innovation to rewrite the rules of the industry? For further insights and discussions on the latest developments in the new energy sector, connect with us via WeChat at Andrew_7251 for market and project consultations, talent services, and decision-making analysis.
01 Evolution of the “Electric Doctor” Expert
The entrepreneurial journey of Wei Qiong, the founder of Meikesheng, began with a relentless pursuit of electrical safety. Wei studied in the United States, earning an MBA from Arizona State University, and accumulated 15 years of experience within the State Grid Corporation before starting her own venture. According to the company’s official资料, Wei has contributed to significant industry reports, including the “13th Five-Year Plan” for the power sector, and has led over 16 major projects in power research, infrastructure, and technological modifications.
In its initial four years, Meikesheng focused on energy storage diagnostic software and hardware, branding itself as the “battery doctor.” Its services primarily targeted state-owned enterprises and included testing for energy storage stations, as well as for power batteries and charging low-speed vehicle batteries. Traditional energy storage systems relied on measurable external parameters such as current, voltage, and temperature—similar to how doctors assess human health through temperature and blood pressure. This approach did not adequately reflect the complex internal chemical and material conditions of batteries.
Meikesheng developed a “blood-level” energy storage safety diagnosis technology, akin to blood tests in hospitals, which evaluates various indicators of battery modules. This technology, combined with electrochemical algorithms, allows for early warnings of potential issues. By surpassing the limitations of traditional monitoring, Meikesheng can comprehensively oversee the internal conditions of batteries and preemptively identify cell-level failures, making it possible to prevent lithium battery fires.
However, the path to success has not been without challenges. In 2023, Meikesheng began to shift its focus towards integrating commercial energy storage systems. Early that year, the company launched a series of integrated energy storage products, including the Pang Bo series and the Qi Qiao series, along with a range of household storage products. Unlike traditional commercial energy storage models that emphasize hardware, Meikesheng adopted a lightweight operational strategy, outsourcing hardware while focusing on investment and operation in commercial energy storage. The company positions itself as a distributed renewable energy aggregator, specializing in investment and operation of solar and storage projects.
As of now, Meikesheng has secured multiple contracts for large-scale energy storage projects, including China’s first overseas energy storage station at the Mendip Power Station in the UK, the largest energy storage project in Anhui, and a demonstration project in Shandong. The company currently manages over 5 GWh of energy storage assets, serving over 30 central state-owned enterprises and five major power generation groups, as well as more than 100 Fortune 500 companies.
02 Decoding the Underlying Logic of “State Capital Collaboration”
In just over six years, Meikesheng has raised more than 1 billion yuan in financing. Notable investors include Junlian Capital, the Sixi Capital under Chow Tai Fook Group, Tsinghua University’s Inno Angel Fund, GGV Capital, Anqiao Investment, Ningbo Jilian Fund, and Source Code Capital. A significant milestone occurred on February 18, 2024, when Meikesheng completed a multi-hundred million yuan Series D financing round led by the National Green Development Fund. Established in July 2020, this fund is a national equity investment fund initiated by the Ministry of Finance, the Ministry of Ecology and Environment, and the Shanghai Municipal Government.
On December 23, Meikesheng announced another multi-hundred million yuan D+ round led by the Beijing Green Energy Fund, with participation from the Beijing Changping Science and Technology Park Development Group. This investment marks the first foray of the Beijing Green Energy Fund into the commercial energy storage and energy aggregation services sector, highlighting its strategic commitment to advancing key industries that support the new power system.
In just one year, Meikesheng has secured two rounds of substantial financing from state-backed funds, marking it as a prominent private enterprise supported by the National Green Development Fund and the Beijing Green Energy Fund. Insiders reveal that during the D round in February 2024, Meikesheng’s pre-investment valuation exceeded 3.6 billion yuan, which is relatively high compared to similar companies, and the D+ round financing did not see any valuation discounts. Given the current challenges in financing for energy storage integrators, achieving recognition in the capital market is a noteworthy accomplishment for Meikesheng.
03 Survival Questions Beneath the Illusion of Prosperity
According to the China Commercial Industry Research Institute, by the end of 2024, the total installed capacity of new energy storage projects nationwide reached 73.76 GW, approximately 20 times the capacity at the end of the 13th Five-Year Plan, indicating a growth of over 130% from the end of 2023. However, behind this rapid market growth lies a fatal conflict of logic. From a market perspective, commercial energy storage capacity constitutes only about 10% of the total new energy storage installed capacity, and the competitive landscape remains unsettled, resulting in fierce competition.
Currently, the simultaneous growth of industry scale and the decline in unit value poses a challenge, as the commercial returns from technological innovation are being eroded by price wars. The homogenization of commercial energy storage system integration products is pronounced, making it difficult to establish an absolute competitive advantage. Instances of low-price competition are frequent, with system prices hitting lows such as 0.499 yuan/W at the beginning of 2025. This relentless pricing pressure risks depleting the industry’s future prospects.
As companies are compelled to shift R&D investments into marketing costs, breakthroughs that effectively address core issues such as safety, longevity, and energy efficiency are likely to encounter obstacles. Energy storage safety diagnostics and asset operation software platforms have become battlegrounds for leading system integrators, intensifying the competition within the industry. In addition to fierce rivalry, the commercial energy storage sector grapples with unclear profit models. Despite experiencing rapid growth since 2022, the industry has yet to establish a mature and stable profit mechanism, which remains a core issue hindering its future.
The chaotic competition among foreign brands, cross-industry players, and traditional energy groups forces enterprises to simultaneously navigate challenges in technology selection, business model validation, and supply chain restructuring. The anticipated “three-year reshuffle period” essentially tests whether companies can complete a technology-business loop before capital recedes. In response, leading companies like Meikesheng are implementing strategies to transition from price competition to value anchoring. The company aims to enhance battery lifespan through digital operations, thereby reshaping the value scale of “total lifecycle costs.”
However, current fault prediction and diagnostics for energy storage systems depend heavily on big data and artificial intelligence, which are not yet perfect and require further optimization. Additionally, third-party data service providers must contend with components sourced from various manufacturers, leading to potential issues such as data silos, inadequate data value extraction, information sharing difficulties, and insufficient lifecycle monitoring.
04 Conclusion
At the crossroads of the energy revolution, the story of Meikesheng is far from over. In a new power system where computational power dictates the future, only those capable of decoding, reorganizing, and amplifying the value of each kilowatt-hour will secure their ticket to this century’s battle.
