JJC TEC Completed the E Round Financing, AGF Invested

December 28, 2023 02:56 AM AEDT | By Cision

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JJC TEC Completed the E Round Financing, AGF Invested — Image source: Kalkine Media

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BEIJING, Dec. 27, 2023 /PRNewswire/ -- Recently, Beijing JJC Technology Co., Ltd. (referred to as "JJC") completed the E-round financing. The investment is led by SDIC Fund and Seekers Capital, followed by China Venture Capital Fund, Jingguoguan Equity Investment Fund, Starlight Capital, and Asia Green Fund, and existing investors Summitview Capital and China Merchants Capital. The fund will go towards the continuous R&D of the Smart Wrench and Clusters System. This investment is in line with COP28 efforts and the Oil & Gas Decarbonization Charter that aims to accelerate climate action.

JJC focuses on the R&D, manufacturing, and high-end technical services of Smart Wrench and its system in the petroleum industry. JJC insists on independent innovation and has developed multiple products such as Smart Wrench, Mechanical Seal Washpipe, Hydraulic Power Unit, Hydraulic Elevator and Hydraulic Power Slip Handler, etc., and built the "Tripro® Walker" Drilling Rig Automation System, providing comprehensive smart drilling solutions in the petroleum drilling and production industry, helping China gradually realizing domestic alternative solutions in the high-end manufacturing field of petroleum equipment and ensuring national energy security.

Jin Zhang, Founding Partner of AGF, said: "The localization of high-end intelligent equipment and the application of new materials has always been the focused investment direction of AGF. In the field of oil & gas exploration and development, JJC has developed several automatic drilling equipment that exceed the international leading level, which not only significantly improves the stability and safety of fieldwork of oil & gas exploration and development, but also greatly improves the working environment of workers, and reduces carbon emissions through the improvement of operating efficiency and other patented technologies, which is a significant ESG performance. Furthermore, JJC owns unique technical advantages in offshore drilling and inland deep well drilling, maintaining the stability of China's crude oil production and safeguarding national energy security. "

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