Hengxing Power said on August 31 that it has completed a Pre-A funding round led exclusively by Guokai Kechuang, the equity investment platform under China Development Bank. Shanghai Future Industry Fund, Xinding Capital, Changshi Capital, BV Baidu Ventures, Yunbo Capital, Mingyu Venture Capital and Yuanshi Fund also participated, while existing shareholders including Cathay Capital and Houxue Capital continued to invest, according to Jiemian News. The company said the proceeds will be used to expand its aerospace engineering team, develop space-based photovoltaic engineering and build out the upstream and downstream of its space power business.