Farizon Auto, the new energy commercial vehicle brand from Zhejiang Geely New Energy Commercial Vehicle Group (a subsidiary of Geely Holding) raised more than US$300 million in its first external financing round. This Pre-A round of investment was led by Hidden Hill Capital, which is backed by Singapore’s GLP.
Farizon Auto’s new energy semi, the Homtruck, is planned for delivery in early 2024. (Earlier post.)
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 utilize the majority of its funding for R&D and ecosystem development. 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. 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.
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 more than 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.