Farizon Auto, a brand under Geely New Energy Commercial Vehicle Group, recently announced its completion of a pre-A round financing worth over USD 300 Million, which is expected to be used in R&D investment and marketplace construction.
On Oct 26, Geely New Energy Commercial Vehicle Group's brand Farizon Auto (Chinese: 远程汽车) announced its completion of a pre-A round financing of over USD 300 million, which was led by Hidden Hill Capital (Chinese: 隐山资本) and followed by Transfar Group (Chinese: 传化集团), CITIC Securities (Chinese: 中信证券), Hunan Xiangtan Industry Fund (Chinese: 湖南湘潭产业基金), GLy Capital (Chinese: 吉安资本) and Mirae Asset, as well as many other well-known strategic investors. In making this announcement, Farizon Auto disclosed its carbon neutrality target which included reaching operational carbon neutrality by 2025 and life-cycle carbon neutrality by 2030.
The fund will be mainly used in R&D investment and marketplace construction, with an aim of maintaining and strengthening Farizon Auto's status as a leading company in the new energy commercial vehicle market.
Established in 2016 and with full support of its parent company Zhejiang Geely Holding Group, Farizon Auto has access to strong group synergies in terms of product development, talent acquisition, cost control and supply chain management. The company’s core products are light commercial vehicles as well as urban buses and coaches. As the first brand in China which focuses on new energy commercial vehicles, Farizon Auto has built the largest new energy vehicle research center in China specializing in the technological and intelligent development of new energy commercial vehicles. Farizon Auto's core drivetrain technologies are self developed with a focus on pure electric solutions and range extension to achieve zero emissions capability.