Farizon Auto, the brand new vitality business automobile model from Zhejiang Geely New Vitality Industrial Car Group (a subsidiary of Geely Holding) raised greater than US$300 million in its first exterior financing spherical. This Pre-A spherical of funding was led by Hidden Hill Capital, which is backed by Singapore’s GLP.
Farizon Auto’s new vitality semi, the Homtruck, is deliberate for supply in early 2024. (Earlier publish.)
Different key buyers embody strategic buyers and famend funding establishments, resembling Transfar, Citic Securities Funding, Business Basis of Xiangtan (Hunan, China), GLy Capital and Mirae Asset.
Farizon will make the most of the vast majority of its funding for R&D and ecosystem growth. As well as, Farizon introduced its objectives to attain operational carbon neutrality in 2025 and full life-cycle carbon neutrality in 2030.
As China’s first business automobile model that focuses on new vitality, Farizon has established the most important new vitality business automobile analysis institute in China. Farizon has additionally arrange three platforms for fleet rental and clever administration of logistics automobiles, inexperienced vitality provide chains, and battery charging and swapping companies, respectively, to boost its inexperienced clever transportation administration and repair community.
As of September 2022, Farizon’s month-to-month gross sales quantity has ranked first within the home new vitality business automobile sector for 5 consecutive months. Farizon’s new vitality logistics automobiles have maintained a aggressive efficiency, with gross sales rising 259% YoY, reaching 19.58% market share. Farizon can also be the primary place within the cumulative gross sales quantity of the primary three quarters in 2022 domestically.
Benefitting from GLP’s wide-spread enterprise footprints and rising ecosystem, from the premise of enterprise eventualities in over 400 logistics and warehousing services in additional than 70 cities in China, Hidden Hill Capital, the lead investor of Farizon’s Pre-A, will assist and empower Farizon’s growth in numerous points from enhancing market penetration, selling the rental and gross sales of city logistics automobiles, advertising and marketing of refrigerated automobiles, to the exploration of recent enterprise fashions, and many others.