When Deputy General Manager Zheng returned to CATL's office at Shanghai, it was already dark.
He placed the test report of Tesla on the conference table. Instead of sitting down, he stood by the window and looked at the lights of Lujiazui.
Behind him, the core team of Dening Times New Energy Industry Investment Department walked in one after another--
Two senior investment directors, one Legal Director, and one Energy Storage technical vice president of the business segment.
The four people sat down on both sides of the conference table, their eyes falling on the cover of the report with the Tesla Logo printed on it.
Deputy General Manager Zheng turned around.
"Green Energy Technology's Series B, things have changed."
He walked back to the conference table and clicked his finger on the cover of the report.
"Independent Testing report of Tesla Materials Laboratory. Three sets of parallel samples, all data are consistent with those reported by Green Energy Technology.
The cycle life was measured 10,300 times, and the decay rate was measured 4.1%.
Tesla's own laboratory does the testing, not a third party."
The technical vice president opened the report and his eyes stopped on the Degradation Curve page for a long time.
He is the person who knows Energy Storage Materials best in this room, and he knows better than Deputy General Manager Zheng what Tesla Laboratory's credibility means in the global Energy Storage industry--
That is the certification at the top of the industry pyramid, and it is authoritative that no domestic Third-Party Testing Agency can give it.
When he put down the report, his fingers made a shallow crease on the edge of the page.
"The data itself does not exceed our previous judgment. Green Energy Technology's technical breakthrough and Industrial Capital have been confirmed in the last round of due diligence.
But this batch of data comes out of Tesla's laboratory, and its weight is different."
He raised his head, his voice was not high but steady,
"It means that Green Energy Technology's materials have passed the world's most stringent Supply Chain verification pre-level.
Tesla's laboratory will not do Independent Testing for Suppliers who has no intention of cooperation.
The fact that the sample can enter that laboratory is itself a preliminary review of Tesla Supply Chain on Green Energy Technology.
After passing the pre-examination, it is only a matter of time and process to officially enter the Suppliers list."
Deputy General Manager Zheng nodded and put the second thing on the table.
"Elon Musk myself will participate in this round of financing in my own name.
The follow-up investment is one to two percent. Green Energy Technology is the first China company that Elon Musk has invested in."
His eyes swept across the faces of the four people one by one,
"Green Energy Technology entering Tesla Supply Chain, from today on, it is not a possibility, it is a certainty."
Meeting Room was silent for a few seconds.
Legal Director reacted first, opened his notebook and wrote a few words.
The decision-making logic of Investment Decision Committee needs to be reorganized, the risk warning part must be rewritten, and all conservative wording about "there is uncertainty in the verification of Supply Chain" must be deleted.
A senior investment director turned the Tesla report to the last page and then back to the first page.
"Old Zheng, the information that Elon Musk is following the investment is more important to Dening Times than the valuation itself of 1.5 billion US Dollar.
Dening Times is never afraid of high valuations when investing in upstream materials companies, but is afraid of being on the wrong side of the technical roadmap.
Elon Musk used his own money to invest in Green Energy Technology, which is equivalent to endorsing the technical roadmap for the global New Energy industry.
This endorsement is more convincing than any due diligence report."
Deputy General Manager Zheng leaned on the back of the chair and rested his fingers on the table.
"So my opinion is that the valuation of 1.5 billion US Dollar is approved by Dening Times.
But the lead investor in this round of Industrial Capital must be Dening Times.
Bidiya and central enterprises can follow the investment, and Dening Times should account for more than half of Industrial Capital's share."
His voice was not high, but there was a kind of certainty in his tone that had settled in the Lujiazui night.
"The halo of Elon Musk is for Green Energy Technology, not for Industrial Capital.
Dening Times leads the investment to ensure that Green Energy Technology's Supply Chain resources are largely in our hands.
Dening Times cannot grab the share that Tesla can eat. But Dening Times must eat all the shares that Tesla cannot eat."
At the same time, Director He did not return to Bidiya's office.
Instead, I directly found a Cafe near Zhangjiang, took photos of Tesla's test report, and sent it page by page to Investment Committee of Shenzhen.
After sending the photo, he called Chairman Investment Committee.
"Mr. He, how was the discussion about Green Energy Technology today?"
Chairman Investment Committee's voice came from Shenzhen, and the low hum of factory equipment could be vaguely heard in the background.
Director He held the phone and was silent for a few seconds, as if he was organizing words.
Then he spoke.
"Valuation is not the most important issue. We can basically reach a consensus internally on 1.5 billion US Dollar and Industrial Capital.
What I need to report to Investment Committee are two other things.
First, the samples of Green Energy Technology entered the materials laboratory of Tesla, and all the data of Independent Testing passed.
Green Energy Technology enters Tesla Supply Chain, it is a matter of time.
Second, Elon Musk personally followed the investment of Green Energy Technology by one to two percent.
This is his first time investing in a China company. Together with these two things, Green Energy Technology's Fundamentals has completely changed.
It is not a domestic Energy Storage Materials start-up, it is a global target on Tesla Supply Chain."
There was silence on the other end of the phone for a while.
Investment Committee When Chairman's voice sounded again, the low hum of the factory in the background disappeared - he moved to a quieter place.
"Any more?"
Director He's fingers slowly circled around the edge of the coffee cup.
"Era Vanguard followed the investment, holding no less than 5% of the shares.
Era Vanguard's positions in the US Stocks market, Tesla, Apple, SpaceX, Nvidia, the four companies have a combined market value of nearly 1.5 billion US Dollar.
Henglong's Zhao Chen can make Elon Musk follow the investment in Green Energy Technology, and Tesla can open a separate laboratory testing channel for a Shanghai start-up company.
This person's energy is much greater than we previously assessed."
Investment Committee Chairman was silent for a few seconds.
"What's your opinion?"
"Following the investment. The valuation is 1.5 billion US Dollar, Bidiya accepted."
Director He's voice is steady and sure,
"But I suggest that Bidiya should not lead the investment. Let Dening Times lead the investment.
Deputy General Manager Zheng is that person who values the leading position more than the valuation itself.
Let him lead the investment, and Bidiya follow the investment. It doesn't matter if the share is smaller.
What Bidiya wants is not the share in this round, but after Green Energy Technology enters Tesla Supply Chain, Bidiya can synergize with the technology it has established through its shareholder status.
The value of this synergy is far greater than the three to five points more shares gained in this round."
The internal discussion between Two Central State-Owned Enterprises representatives was held in Meeting Room, an office building of Beijing.
There is no sense of pressure from an industry leader like Deputy General Manager Zheng, nor is there the calm calculation of a technical person like Director He.
Two Central State-Owned Enterprises's discussion style is the same as their investment logic - slow and prudent, but not easy to shake once settled.
"Elon Musk followed the investment, Tesla passed the test, and Era Vanguard followed the investment.
Adding these three things together, the strategic value of Green Energy Technology has exceeded the segmented track Energy Storage Materials itself."
One representative opened his notebook, which was filled with key words for today's negotiations.
"When central enterprises invest in Green Energy Technology, they are not investing in financial returns, but in the security of the industrial chain.
Green Energy Technology's technology has been incorporated into both Tesla's Supply Chain and domestic Industrial Capital's Supply Chain. Its position on the global Energy Storage Materials territory is irreplaceable."
Another representative nodded.
"The valuation of 1.5 billion US Dollar is recognized by central enterprises. In terms of share, we will not compete to lead the investment, nor will we compete for the majority.
Dening Times led the investment and we followed.
But there is one thing - the shareholders' agreement must make it clear that central enterprises have priority to cooperate with Green Energy Technology in grid-connected projects and domestic application scenarios in the field of Industrial Waste Heat Recovery.
In the domestic market, central enterprises must have a say."