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Geely's NEV Brand Farizon Raises over $300 mln

Date:2022-10-27 Author:Linda Source:www.chinatrucks.com

BEIJING(chinatrucks) --Farizon Auto, a brand under Geely New Energy Commercial Vehicle Group, announced on October 26 that it has raised over $300 million USD in its pre-A round of external fund raising. This Pre-A round of investment was led by Hidden Hill Capital, which is part of Singapore’s Global Logistics Properties Ltd. (GLP). Other strategic investors and renowned investment institutions that follow Hidden Hill Capital include Transfar, Citic Securities Investment, Industry Foundation of Xiangtan (Hunan, China), GLy Capital and Mirae Asset.

FARIZON will use the majority of this financing for R&D and market eco-building to further consolidate its leadership in China’s new energy commercial vehicle market.

In addition, Farizon announced that it aims to achieve operational carbon neutrality by 2025 and full life-cycle carbon neutrality by 2030.

As the first commercial vehicle brand in China to focus on new energy, Farizon has established the largest new energy commercial vehicle research facility in China, with a mission to develop new energy and smart technologies for all types of commercial vehicles.It has set up platforms for fleet rental and intelligent management, green energy supply chains, as well as battery charging and swapping.

As of September 2022, it has ranked first in domestic sales of new energy commercial vehicles for five consecutive months. By market segment, its new energy logistics vehicles maintained strong momentum with sales increasing by 259% and market share reaching 19.58%. Farizon also took the first place in the cumulative sales for the first three quarters of 2022 in China .

As the leading party of this round of financing, Hidden Hills Capital will leverage its 70 regional markets, 400+ logistics warehouse infrastructure and rich industrial ecological resources in China to provide comprehensive support for customer development, vehicle sales and leasing, cold chain vehicle promotion and exploration of new business models for new energy commercial vehicles in urban distribution logistics and cold chain application scenarios.

Farizon will continue to pursue its brand vision of leading the commercial vehicles to transit towards zero-emission through innovation. With the implementation of its product and capital market strategies, Farizon will step up its development as a green and smart mobility provider.


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