Farizon-backed Chunqing Technology completes Pre-A+ funding round

Shanghai (Gasgoo)- On December 18, Chunqing Technology, a subsidiary of Geely's Farizon New Energy Commercial Vehicle Group (Farizon), announced the completion of its Pre-A+ financing round, which raised for the company $135 million, bringing its post-investment valuation to over $1.5 billion. The new round introduced several new strategic investors.

The fund will primarily be allocated to support market expansion and develop a methanol-hydrogen ecosystem, strengthening the industrial value chain.

Chunqing Technology, centered around methanol hybrid electric vehicle technology, engages in the R&D, manufacturing, and sales of new-generation methanol-hydrogen electric vehicles. The company also focuses on developing and applying new technologies for the production of green methanol and establishing a comprehensive methanol refueling network. Through an integrated business model that encompasses methanol, vehicles, freight, refueling stations, and financing, Chunqing Technology is building a diversified green methanol transport ecosystem, aiming to facilitate the rapid adoption of methanol-hydrogen commercial vehicles.

Photo credit:  Chunqing Technology

Farizon's new energy commercial vehicles, which are powered by methanol-hydrogen electric technology, cover multiple scenarios, including trunk logistics, short-distance transportation, urban delivery, construction vehicles, and city buses, meeting the diverse needs of users across multiple scenarios and regions. Beyond road applications, methanol-hydrogen electric technology has also been widely utilized in other scenarios such as marine engines, power generation units, and mining trucks.

In October this year, Alxa of Inner Mongolia launched the first 100,000-tonne demonstration phase of a 500,000-tonne green methanol production project, which involves Chunqing Technology's investment. The green methanol project is China's first 500,000-tonne-level project that synthesizes green methanol by using wind and solar power for the electrolysis of water to produce hydrogen and combining it with carbon dioxide captured from industrial operations. After the 500,000-tonne project reaches its full production capacity, it is expected to reduce carbon emissions by 750,000 tonnes annually.