- Singapore-based company GLP is the lead investor of the round
- Farizon will use the funding for R&D and ecosystem development
- Farizon is China’s strongest-selling new energy commercial vehicle brand in 2022
Hangzhou, China. Farizon Auto, the new energy commercial vehicle brand from Zhejiang Geely New Energy Commercial Vehicle Group (a subsidiary of Geely Holding) today announced that it has raised over $300 million USD in its first round of external fund raising.
This Pre-A round of investment was led by Hidden Hill Capital, which is backed by Singapore’s GLP. Other key investors include strategic investors and renowned investment institutions, such as Transfar, Citic Securities Investment, Industry Foundation of Xiangtan (Hunan, China), GLy Capital and Mirae Asset.
Farizon will utilise the majority of its funding for R&D and ecosystem development, in order to further consolidate its market-leading position in new energy commercial vehicles.
In addition, Farizon announced its goals to achieve operational carbon neutrality in 2025 and full life-cycle carbon neutrality in 2030.
As China’s first commercial vehicle brand that focuses on new energy, Farizon has established the largest new energy commercial vehicle research institute in China, whose mission is the R&D of new energy and intelligent technologies on all types of commercial vehicles. Farizon has also set up three platforms for fleet rental and intelligent management of logistics vehicles, green energy supply chains, and battery charging and swapping services, respectively, to enhance its green intelligent transportation management and service network.
Farizon has already built up its market-leading position in the new energy commercial vehicle industry in China. As of September 2022, Farizon’s monthly sales volume has ranked first in the domestic new energy commercial vehicle sector for five consecutive months. Farizon’s new energy logistics vehicles have maintained a competitive performance, with sales increasing 259% YoY, reaching 19.58% market share. Farizon is also the first place in the cumulative sales volume of the first three quarters in 2022 domestically.
Benefitting from GLP’s wide-spread business footprints and growing ecosystem, from the basis of business scenarios in over 400 logistics and warehousing facilities in over 70 cities in China, Hidden Hill Capital, the lead investor of Farizon’s Pre-A, will support and empower Farizon’s development in various aspects from enhancing market penetration, promoting the rental and sales of urban logistics vehicles, marketing of refrigerated vehicles, to the exploration of new business models, etc.
Farizon will continue to pursue its brand vision of leading the green commercial revolution through innovation and intelligent connectivity. With strategies in both product and capital markets, Farizon strives to accelerate its growth into a comprehensive service supplier of green intelligent transportation technologies.
Source: Zhejiang Geely Holding Group