Marvel-Tech raises more than RMB500 million across two financing rounds

Shanghai-based Marvel-Tech, a developer of gas turbines and industrial waste-heat and waste-pressure recovery turbine systems, has completed two consecutive financing rounds totaling more than RMB500 million. The C round was led by HongShan, while the B round was jointly led by C&D Emerging Investment and Qiming Venture Partners. The company said the funds will support a manufacturing and assembly center for its gas turbine product lines, as well as a high-power unit performance testing center.