From Startup to Unicorn: Fox ESS Joins Forbes China's Unicorn List

Unicorn companies, in the context of investing, refer to privately held startups that have reached a valuation of $1 billion or more. The term 'unicorn' is used to describe these rare and highly sought-after companies. These companies are typically tech-focused and have demonstrated rapid growth and the potential for future success. Unicorn companies are often seen as highly attractive investment opportunities due to their potential for significant returns.

Recently, Forbes China officially disclosed the full list of new unicorn companies in the world in the first half of 2023. With a Pre-IPO round financing of more than 1 billion CNY (137M USD) and the latest valuation of more than 10 billion CNY (1.4B USD), Fox ESS was successfully selected for the 'Forbes 2023 Semi-annual Global New Unicorns List'.

China and the US Leading the Global Startup Scene

In the first half of 2023, Forbes China?has been tracking over 700 Chinese startup companies that have secured significant funding (a single financing round exceeding 30 million USD) within the past six months and are poised to become unicorns. According to Forbes China, the number of unicorns in the world has reached 1,653 as of June 30, 2023. In the first half of the year, there have been 55 new unicorns, which is 47 fewer than in the previous month.

The number of new unicorn companies in China and the United States accounted for more than 90% of the global total in the first half of 2023, representing a 20% increase compared to last year. This shift highlights the precarious nature of the global startup market, which is now characterized by a multipolar pattern. Unfortunately, European unicorn companies have been negatively impacted by the interest rate hike in the US dollar, leading to a decline in their growth rate. As a result, only eight new unicorn companies emerged in Europe during the first half of this year. Similarly, India's unicorns experienced a drastic decline in growth over just six months, with their net growth shifting from positive to zero, resulting in their exclusion from the list of the most remarkable entrepreneurial ecosystems globally.

Based on statistics regarding the increasing number of unicorns in China and the US, it is evident that the areas experiencing a decrease in growth are enterprise services, medical health, and encryption technology. However, Artificial intelligence and new energy-related companies continue to be the driving force behind the growth of global unicorns in the first half of this year. More than 60% of new unicorn companies come from these two fields.

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Fox ESS: From Startup to Unicorn

Fox ESS, a prominent player in the clean technology and new energy sector, solidified its position as a global frontrunner in the new energy space this may, officially attaining the coveted status of a new unicorn.

Fox ESS has experienced significant growth since its launch in 2019. In 2020, they constructed a facility with a capacity of 1GW, and the following year, the factory capacity was expanded to 10GW.

With a forward-thinking approach, Fox ESS has continuously strived to push the boundaries of what is possible in the industry, resulting in the release of cutting-edge products. Fox ESS offers a comprehensive solar energy system with a wide range of high-quality AC and Hybrid single- and three-phase inverters, ranging from 0.7 to 25 kilowatts, suitable for residential and small to medium-sized commercial plants as well as high-voltage and low-voltage batteries, All-in-One solutions, and EV chargers.

Fox ESS products come equipped with advanced features such as adjustable voltage, temperature compensation, and remote monitoring capabilities. These features enhance the efficiency and performance of the solar energy systems.

First half of 2023 has become really flourishing to Fox ESS with the completion of the latest round of financing at the end of May 2023, the valuation of Fox ESS has exceeded 10 billion CNY.

This achievement was further solidified by their inclusion in Forbes' highly prestigious "2023 Semi-annual Global New Unicorns List." Fox ESS also received recognition for its excellence in the PV Market, earning multiple Top Brand PV Seals from EUPD Research, further solidifying their position as a top brand.

Additionally, Gaogong Industrial Institute (GGII) acknowledged Fox ESS's accomplishments by listing them on the esteemed "2023 Energy Storage Industry TOP50" list.

Overall, Fox ESS's first half of 2023 was marked by financial growth, prestigious recognition, and industry accolades, positioning it as a leading player in the energy storage industry.